Rents in the South West of England grew faster than anywhere else in the year to July, according to the Your Move Rental Tracker.
Prices in the region increased by 3.7% in the last 12 months, putting it ahead of the East Midlands and the East of England.
Although rent growth across England and Wales has slowed in recent times, most regions did post an annual rent increase.
Across all regions, the average seasonally adjusted monthly rent now stands at £861. On a non-seasonally adjusted basis, the average property let for £877 in July.
While the London market often garners the most newspaper headlines, other regions are now consistently outperforming the capital in terms of rental increases.
The South West of England was the area with the fastest rising rents in the last 12 months, Your Move found.
Prices increased by an average of 3.7% in the year to July 2018, with the typical tenant now paying £686 per calendar month for their property.
Prices in the East Midlands rose by 2.9% year-on-year to reach an average of £656 while in the East of England the average rent grew to £890 – a 1.9% annual increase.
Only three regions saw average rents fall – London, Wales and the North East. The latter remains the cheapest place to rent a property in England and Wales with the average monthly rent falling by 1.3% – the biggest drop recorded in this survey.
The average rent in the North East now stands at £535.
In Wales prices dropped by 0.9% in the year to July, with the average rent now £588 per month.
Martyn Alderton, national lettings director at Your Move, said: “One benefit of the slowdown in the London rental market has beenthat it now shines the spotlight on other areas of England and Wales.
“The South West of England has been the standout region in the last year, with rents rising consistently in areas of high demand.
“Prices in the East Midlands and East of England have also increased strongly, showing there is demand for rental properties outside of London and the South East.
“London continues to have the highest rents, but there are still good pockets of value around the capital, particularly in areas further from the city centre.”
