The average rent being asked across Britain, excluding London, has hit a record of £1,126 per calendar month, according to a property website. The average monthly rent being asked is 11.8% higher than a year earlier, Rightmove said, adding that the average rent is now 19% or £177 per month higher than when the coronavirus pandemic started.
Asking rents in London have surged by 15.8% over the past year, pushing the average asking rent there to a record £2,257 per month, according to Rightmove, whose latest figures cover the second quarter of 2022. Rising rents continue to be driven by a shortage of available rental stock, although there have been some recent signs of improvement, the website added.
June saw the highest number of new rental listings coming to market of any month this year so far. Despite this, the available rental stock is still down by 26% compared with last year’s levels, while demand is up by 6%, which means competition between tenants remains extremely fierce, Rightmove said.
