UK rents hit record high as tenants pay £1,314 per month

And properties typically receive 17 enquiries from prospective tenants, according to property experts at Rightmove.

A year ago, the average monthly advertised rent across Britain, excluding London, was £1,231, Rightmove said.

Advertised rents in London have also risen to a record of £2,661, up from £2,567 a year earlier.

Despite overall rental supply slowly improving from last year, the number of available properties is still below pre-coronavirus pandemic levels, Rightmove said.

Its latest rental figures cover the second quarter of 2024.

Rightmove’s director of property science Tim Bannister said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.

“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.

Asking prices drop by 0.4% this month to £373,493, a bigger July drop than usual, as new sellers try to cut through the distractions of the General Election, sporting events and summer holiday season with a tempting price. 📉 pic.twitter.com/t6CyrWk7aJ

— Rightmove (@rightmove) July 15, 2024

“Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”

Richard Lane, chief client officer at debt help charity StepChange, said: “Our research shows that many tenants’ financial situations are becoming increasingly precarious – one in three (31%) private renters has used credit to afford their rent in the past year, while one in two (50%) private renters is finding it difficult to keep up with bills and credit commitments.”

He added: “For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt.”