Rents in Yorkshire and Humber are at an all-time record high, new figures reveal.
Average rents across the region rose to £547 per month in August, after a monthly increase of two per cent.
Figures from the latest Buy-to-let-Index reveal that average rents across England and Wales rose to £757 per month in August - after a monthly increase of nearly two per cent.
Rents across England and Wales are currently £13 per month higher than the previous all-time record, which was set in October 2012 at £744.
A rising number of people are now renting properties and there are fears that higher rents are making it difficult for first-time buyers to get on the property market.
David Newnes, director of LSL Property Services, owners of estate agents Reeds Rains and Your Move, said that homes are becoming more expensive to own. Mr Newnes said: “A new peak in tenant demand has driven rents to new heights, well above all previous records.
“Higher rents in almost every region show that, despite government schemes, buying a first home is still a difficult aspiration.
“This is not only down to low salary growth, but also a general shortage of supply - which is the underlying reason why homes are getting more expensive.
“The long term-trend to renting therefore looks unlikely to change significantly in the near future.”
The total amount of late rent across the country has increased to £294m - which is £30m more than August. But experts say the pressure is starting to ease.
Mr Newnes added: “Household budgets are still under pressure from all angles. However, that pressure is starting to ease.
“The latest rent rises are another month of below-inflation increases, and while wages aren’t catching up yet, the gap between wage growth and rent rises seems to be gradually shrinking.
“An annual improvement in tenant arrears demonstrates the underlying healthy trend following the worst of the recession - with the proportion of late rent down from well above 10 per cent a few years ago.
“Critically, the most severe rental arrears have fallen significantly, meaning fewer people might lose their home.”