Rent costs spiral as prices hit new record of £1,314 a month - and that's outside London
The average rent being asked outside London has hit a new record with each property typically receiving 17 inquiries from prospective tenants.
The average rental asking price outside of London has skyrocketed to a whopping £1,314 per month, according to a property website. The report also highlighted a high demand, with each property receiving on average 17 inquiries from hopeful tenants.
Fast rewind to a year ago and the typical monthly rent being advertised across Britain, minus London, was set at £1,231, stated by property giant Rightmove.
Meanwhile, in the capital, requested rents have also risen, marking a new record of £2,661, which is up from last year's figure of £2,567.
Despite there being a gradual improvement in the overall supply of rental properties compared to the previous year, the number of listings is still below the levels witnessed pre-COVID pandemic, Rightmove disclosed.
These fresh rental figures are based on data procured during the second quarter of 2024.
Tim Bannister, who is Rightmove's director of property science, commented on the statistics, saying: "With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants."
"We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market."
"Support for both tenants and landlords will be key to achieving long-term stability in the rental market."
Richard Lane, the chief client officer at debt assistance charity StepChange, added his thoughts. He said: "Our research shows that many tenants' financial situations are becoming increasingly precarious one in three (31 percent) private renters has used credit to afford their rent in the past year, while one in two (50 percent) private renters is finding it difficult to keep up with bills and credit commitments."
He further stated: "For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt."
