The cost of renting continues to rise.

The average cost of living in a rented property continues to rise, reaching a record high this month of £701. Which means the cost of renting a property has increased by £28 per month over the last year, following the 0.7 per cent month on month increases in June.

Accordingly Bristol letting agents are being inundated with more tenants than there are rental properties available. Kevin Cox founder of Bristol letting agents Igloolets.com, suggests that this trend is likely to continue for the foreseeable future.

With the continue squeeze on First time buyer mortgages. Kevin recently said “Tenant demand continues to reach increases level, and there simply isn’t enough rental property around to fulfill demand, it’s not unheard of rental properties being let within a day of coming onto the market”

Although, property investors can currently expect to make around 2.3 per cent profit on each of their properties, Cox called for mortgage lenders to do more to encourage more individuals to get involved with buy-to-let mortgages.