Report: Private sector rents have been 'getting cheaper'

A major lettings network has reported private sector rents have been getting cheaper in real terms throughout the last year as stability returns to the market.

Private sector rents are said to have been 'getting cheaper'. Credit: Rui Vieira/PA Wire/Press Association Images

A 0.6% month-on month increase in average rents took the typical amount paid by tenants across England and Wales to £745 a month in May, accelerating from no monthly change in April, according to LSL Property Sevices, which owns national chains Your Move and Reeds Rains.

But despite the pick-up in costs, private sector rents were 1.1% or £8 a month higher than they were a year ago, which is below the Consumer Prices Index (CPI) rate of inflation of 1.5% in May.