Property rental prices may have reached the bottom

According to the latest FindaProperty Rental Index, May 2009 saw property rental prices remain steady, leading to some optimism that rental prices may have reached the bottom.

For the first time since August 2009, property rental prices in May 09 didn’t show a month-on-month drop.

The average monthly rent remained at £819, although this is some 5.5% lower than the same time the previous year.

House and flats continue to react differently to the current rental market conditions.

There has been a fall in the supply of rental houses which is leading to a modest increase in rents being demanded.

There are though a rising number of flats available, leading to a fall in rents.

Interestingly, according to FindaProperty, a rental property is now on the market for 65 days, up 16 days on the this time last year.

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