The increase in the number of people living in rented accommodation in Britain over recent years has been attributed to the way in which renting is perceived as a more affordable option than buying a property in the current climate.

And with saving for a deposit particularly difficult due to inflation driving up the cost of living, renting is also believed to be more attractive due to the apparent caution being employed by lenders when it comes to granting high loan-to-value (LTV) mortgages.

However, as demand for tenancies has increased, so has the price of rent, and landlords have moved to take advantage of the boom that the rental sector has been enjoying by raising the rates they charge tenants.

Yet - much like property prices - rent levels can only increase so much before they become unaffordable for the majority of the population, and SpareRoom have urged landlords to take this into consideration when it comes to supplying housing.

"Rents can only rise so much before people simply can't afford them. It is no use to a landlord to have a commodity that nobody can buy," said Matt Hutchinson, director at SpareRoom.

As such, it appears to be in the interest of both tenants and investors that rent payments do not reach a point whereby they become unaffordable.

Indeed, if people consistently miss their payments due to being unable to cope with the rent that they are being charged, disputes can result in a bad relationship between landlords and tenants.

Investors that buy property with the intention of letting need to ensure that they are making a reasonable return, so striking a balance between rent prices that are going to be affordable to tenants and ones that also produce strong yields is considered an important factor to take into account.

Protecting these assets is also key to ensuring that any unexpected costs do not arise in the case of damage or extensive wear and tear, meaning landlord insurance policies are similarly vital to maintaining profitable properties.