The average monthly rent in Britain has fallen 2% year on year to £1,438, but tenants still need a salary of £43,130 to pass affordability checks, new research shows.
Propertymark’s latest rental price and average salary tracker for February reveals significant regional differences.
Rent increases were recorded in the East Midlands (+3.4%), North West (+2.8%), Scotland (+2.7%) and the South East (+2.0%).
However, Northern Ireland (−6.6%), West Midlands (−1.3%), Eastern England (−0.3%) and Yorkshire and Humberside (−0.1%) saw a decline.
Propertymark also calculated the average salary needed to pay rent in different regions by multiplying the average monthly rent by 30, the benchmark typically used when comparing checks for new tenants.
It found that salary requirements continue to rise year on year in most regions, as monthly fluctuations have not yet translated into meaningful improvements in affordability.
London recorded a month-on-month rent increase of 1%, while the required annual salary fell by 2.2% year-on-year, standing out as one of the few regions where income thresholds have fallen.
Megan Eighteen, chair of the Association of Residential Letting Agents, said: “February data reflects a more varied rental landscape than we saw earlier in the winter, with a number of regions recording modest month-on-month rental increases, including the East Midlands, North West and Scotland.
“At the same time, areas such as Northern Ireland and the West Midlands have seen rental prices fall, showing that seasonality still plays a role in parts of the market.
“While some regions are experiencing short-term adjustments, the annual salary required to secure a rental property has generally increased year on year. This underlines that affordability pressures remain structurally embedded despite monthly volatility.
“Overall, the data points to a market that is recalibrating rather than correcting sharply.
“Sustainable improvements in affordability will ultimately depend on increasing rental supply and achieving a better balance between demand and available housing, rather than relying solely on seasonal shifts.”