It’s not great news for Generation Rent. New data from RentTech company Goodlord reveals average rent prices have skyrocketed by £194 in June – the largest single rent rise on record.
This rise comes amidst UK inflation hitting a 40-year high and has now brought the average cost of rent across England up to £1,244. That’s an increase of 25% since the start of the year in January 2022.
The rise in rent has been felt most strongly in the North-West, where monthly rental costs have risen by 45% since the previous month. This brings the average cost of rent in the North-West to £1,214, an enormous £392 increase in a single month.
