Sheffield buy-to-let rents fall by 6% in a year

Sheffield buy-to-let rents fall by almost 6% over the year.

Residential rents in Sheffield have fallen almost 6% in the last year according to website the Rentindex. The average rent in Sheffield is now £440 compared to £468 in 2008.

This compares to the national average rent which is currently £591. This puts the average residential rents in Sheffield at 75% that of the national average.

Rentindex analyses nearly 5000 residential tenancies created over a three month period to produce the daily updated Rentindex. Nationally rents have risen 3% over the last 3 months and 1.4% over the last year.

Chris Horne from the Rentindex comments: “Sheffield like many regional centres has been suffering from an over supply of rental accommodation, especially in the city centre. This has helped to drive rents down as landlords compete to fill vacant property.”

The Rentindex provides the only real time measurement of UK residential rents and aims to provide a barometer of the state of the rental market in the same way that the stock market measures the health of the economy.

Free property management software, Free tenancy agreements