Average Rents In Great Britain Climb To Record High
Average private rents in Great Britain have risen to record highs, with annual rental growth in hotspot locations such as Reading and Coventry running at almost 20%.
Data from the property website Rightmove shows that the average advertised rent outside London climbed to a record £1,291 a calendar month in the first quarter of 2024. That is 8.5% higher than a year earlier – a rate of growth well ahead of inflation.
The typical London rent also hit a new high of £2,633, with average costs in the capital 5.3% higher than 12 months earlier. Annual rent growth in London has slowed significantly since the summer of 2022, when it peaked at 16.1%.
The overall figures disguise wide regional variations, with prices rising by more than double the national average in some areas.
However, while typical advertised private rents for new properties coming on to the market are continuing to hit new records, the overall pace of rent growth is continuing to slow amid evidence that tenant affordability is being “severely tested”, according to Rightmove.
Rightmove said that while the slowdown in the pace of rent growth would be welcomed by tenants, the private rented market was still “extremely busy”.
It estimated that almost 50,000 rental properties were needed just to bring supply back to pre-pandemic levels.