The cost of renting a home in the UK has reached nearly £1,000 a month as rent prices have risen at the fastest pace in 14 years. The average rent now stands at £995 a month after climbing by 11% over the last year, according to Zoopla.
The jump is being driven by a shortage of properties available to rent at a time when demand is soaring in city centres as students, office workers and international buyers make their return to urban areas post-pandemic.
But similar to house price s, the rental market remains highly localised with prices fluctuating areas across different parts of the country. In Greater Manchester, there are some boroughs where rental properties remain affordable, whereas others are much more extortinate.
