Private residential rents are rising at a record rate, research from Rightmove has revealed.
Rents jumped by 14% in a year in London and by more than 19% in hotspots such as Manchester and Swansea. The average advertised rent outside London is 10.8% higher than a year ago as tenants grappled with “the most competitive rental market ever recorded”, said Rightmove.
It is the first time that average annual growth outside the capital has exceeded 10%, increasing average rent to a record £1,088 a month – up from £982 a year ago.
In London, which temporarily fell out of favour with renters earlier on in the pandemic, the average asking rent hit a record £2,193 a month – up 14.3%, or £274, on a year ago.
Rightmove said this was “the biggest annual jump of any region since records began”.