New tenants rose in number by 3.4% last month.
- Tenant numbers rose by 3.4% between April and May
- They also increased by 5.1% from May 2012
- Annual returns on rental properties were 5.3% in May
The number of new tenants in the private rental market in the UK rose by 3.4% last month.
This is according to LSL Property Services, which also revealed new tenant numbers increased by 5.1% from May 2012.
In addition to this, it reported that rents rose by 0.1% between April and May, with the average rental fee being 3.5% higher than it was in May 2012.
Director of LSL Property Services David Newnes said: “Last month will have been very welcome for tenants and landlords alike, with more lettings activity going hand-in-hand with more affordable rent rises.”
LSL Property Services reported the total annual return on a rental property was 5.3% in May, which is estimated at a rental income of £7,797 per year. The typical yield on rental property was also 5.3% during the same month, which is an increase from 5.3% in May 2012.
Last month, the firm reported a 0.2% increase in rental fees between April and May; this took the average rent to £736 per month.