There is an average of five tenants chasing every rental property in the UK, according to large lettings chain Sequence.
In its latest lettings report, the firm says that the average monthly rent in the twelve months to January 2015 increased by 5% but has stayed the same since December 2014.
There remains, according to the report, a supply demand imbalance as the former has dipped by 13% over the last year while the latter has seen a rise of 11%.
Other findings included a 7% increase in London rents over the last year to £1,494 on average per month and a 3% increase in the number of investors applying for buy-to-let mortgages in the past 12 months.
Sequence calculates the average monthly rent at £702 as of January 2015.
Stephen Nation, Head of Lettings for Sequence, said that the rental sector remains buoyant with large cities in particular seeing high levels of activity.
“Looking back over 2014, the average UK rental price for properties, excluding London, was £686, up 5% on average from 2013. Over the year, there was an 18% rise in the number of new tenancies while supply declined by 8% over the course of 2014,” he said.
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