Rents Roaring - rises at 15-year high according to la...

Rents across the UK rose by an average 2.47 per cent to £870 per calendar month during the second quarter 2022 according to the Deposit Protection Service.

This is the largest quarterly rise in the 15 years of DPS records.

Annually, average UK rents have risen £66 from £804 to £870 - that’s 8.21 per cent.

DPS managing director Matt Trevitt says: “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country.

“A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise.

“Despite the current economic environment, many tenants still seem prepared to pay in order to secure a rental property.”

The North East, traditionally one of the cheapest places to rent in the UK, saw the highest annual percentage rent increase; rising 10.75 per cent from £530 to £587 between Q2 2021 and Q2 2022.

The West Midlands saw the second highest annual regional rent percentage increase: 10.70 per cent, taking rents from £645 to £714 during the same period.

London recorded the greatest annual increase in monthly rental values, with rents rising by 9.44 per cent, from £1,314 during Q2 2021 to £1,438 in Q2 2022.

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