The typical hire being requested throughout Britain, excluding London, has hit a document of £1,126 per calendar month, in line with a property web site.
The typical month-to-month hire being requested is 11.8% greater than a yr earlier, Rightmove mentioned, including that the common hire is now 19% or £177 monthly greater than when the coronavirus pandemic began.
Asking rents in London have surged by 15.8% over the previous yr, pushing the common asking hire there to a document £2,257 monthly, in line with Rightmove, whose newest figures cowl the second quarter of 2022.
Rising rents proceed to be pushed by a scarcity of obtainable rental inventory, though there have been some latest indicators of enchancment, the web site added.
June noticed the best variety of new rental listings coming to market of any month this yr up to now.
Rightmove’s map exhibits common asking rents throughout Britain (Rightmove/PA)
Regardless of this, the out there rental inventory continues to be down by 26% in contrast with final yr’s ranges, whereas demand is up by 6%, which suggests competitors between tenants stays extraordinarily fierce, Rightmove mentioned.
Rightmove’s director of property science Tim Bannister mentioned: “The story of the rental market continues to be certainly one of excessive tenant demand however not sufficient out there houses to fulfill that demand.
“Final yr, we noticed distinctive numbers of tenants trying to transfer and this yr we’ve seen no let-up on this development.
“While inventory ranges are starting to enhance, with June seeing the best variety of new rental listings coming to market up to now this yr, the extensive hole that has been created between provide and demand over the past two years will take time to slim.
“Till then, this imbalance will proceed to help asking hire progress. This has led to our revised forecast of (an) 8% rise in asking rents by the tip of the yr, up from 5%.”
Rightmove additionally quoted the views of property professionals.
Nicola Fleet-Milne, CEO at FleetMilne in Birmingham, mentioned: “Quarter two 2022 has seen a pointy enhance in rental costs in Birmingham metropolis centre; a hangover of the stifled progress all through the pandemic.
“Couple this with an absence of excellent high quality inventory, and the result’s an applicant base in search of houses six to 10 weeks prematurely of their want.”
She added: “Older inventory is falling dramatically behind the requirements of the brand new models coming via, and while initially, they might demand comparable rents, as extra developments full, the older inventory could also be relegated to a markedly cheaper price band.”
Richard Davies, MD of Chestertons, mentioned: “All through quarter two of this yr, London’s rental market has seen steady progress in tenant inquiries in addition to within the variety of tenants extending their rental agreements.
“Those that secured a property at a reduced rental charge through the pandemic are eager to carry on to this deal so long as doable, notably within the face of rising residing prices.”
He added that with the return of workplace employees, worldwide college students and company tenants alike, the rental market in London is seeing demand outstripping provide.
Mr Davies mentioned: “This has created an especially aggressive marketplace for tenants the place many provide landlords over asking worth with the intention to safe a property.”
