Month-on-month rental prices showed a mixed picture in February 2026, according to the latest monthly report by Propertymark, which examines the average agreed rental prices alongside the typical average annual salary required by referencing agencies to affordably rent across various regions.
There have been notable increases recorded in the East Midlands (+3.4%), North West (+2.8%), Scotland (+2.7%) and South East (+2.0%), suggesting demand has firmed in several areas. However, Northern Ireland (−6.6%), West Midlands (−1.3%), East of England (−0.3%) and Yorkshire and Humberside (−0.1%) saw declines, indicating that seasonal adjustments remain evident in parts of the market.
Year-on-year salary requirements continue to show modest upward movement in most regions, reinforcing that short-term monthly fluctuations in rents have not yet translated into meaningful affordability improvements.
London recorded a 1.0% month-on-month rental increase, while the annual salary required eased by 2.2% year on year, standing out as one of the few regions where income thresholds have fallen.
The report stresses that the market remains increasingly fragmented, with national averages masking divergent regional trends. Some tenants are seeing stabilisation or modest rises in rents, while others are benefiting from small short-term corrections.
"February’s data reflects a more varied rental landscape than we saw earlier in the winter, with a number of regions recording modest month-on-month rent increases, including the East Midlands, North West and Scotland," Megan Eighteen, president of ARLA Propertymark (Association of Residential Letting Agents), said.
She added: "At the same time, areas such as Northern Ireland and the West Midlands have seen rents fall back, demonstrating that seasonal influences are still at play in parts of the market."
"While some regions are experiencing short-term adjustments, the annual salary required to secure a rental property has generally edged upwards year on year. This underlines that affordability pressures remain structurally embedded despite monthly volatility."
She concluded, "Overall, the data suggests a market that is recalibrating rather than correcting sharply. Sustainable improvements in affordability will ultimately depend on increasing rental supply and achieving a better balance between demand and available homes, rather than relying on seasonal shifts alone."
