With demand continuing to heavily outweigh supply in the PRS it was almost inevitable that UK monthly rents would reach yet another all-time high last month, averaging £1,261 per calendar month (pcm), up 1.4% from July, the latest data from HomeLet shows.
Rents rose across the UK in August, given that it is part of the rental market’s busiest period, fuelled in part by greater demand from student seeking rental accommodation, ahead of the new academic year.
London, at an average of £2,145pcm, remains the most expensive region to rent property, while the North East unsurprisingly is the cheapest – at an average of £655pcm.
Andy Halstead, chief executive of HomeLet and Let Alliance, said: “Average monthly rent reached £2,145 per month with London included, and outside of London, an incredible £1,051 per month, every single region is reporting a sizeable month-on-month increase. These figures, on top of the current cost of living, are jaw-dropping!”
He continued: “It isn’t just tenants who are feeling the financial strains of increasing rental prices. The exacerbating economic issues around rental prices are also leaving landlords with increasing rent arrears, resulting in struggles to make mortgage payments and other expenses.
“It really is a vicious circle, with very few winners. We see no end to the madness, with rental supply coming under more pressure as landlords try and exit the market.”
