The average rent in the UK hit yet another all-time high last month, reaching a staggering £1,261 per month – an increase of 1.4% on the previous month as tenant demand continues to soar across the country.
According to new data released by tenant referencing company, Homelet, the average UK rental cost has increased by 1.4% on the previous month, reaching an all-time high of £1,261 per month across the country as even the cheapest-to-rent areas continue to increase.
Property agents surveyed by Proptech, Goodlord, have reported an increase in demand from renters over the last year (73%) with tenants claiming that finding a new rental property once their tenancy came to an end was “one of the most stressful things they have ever done” in the current market.
As tenants are finding it harder and harder to find rented accommodation in the UK market, the Goodlord and Vouch sixth annual State of the Lettings Industry report for the year has also revealed that 36% of agents believe that more landlords will exit the market over the next 12-month period – meaning fewer properties available in the private rented sector for prospective tenants.
“As summer 2023 prepares to bow out and temperatures drop, rental price records continue to soar across 50,000 new tenancies referenced by Homelet during August alone.” Andy Halstead, CEO of Homelet.‘‘
With 35 prospective tenants for each individual property in the market, the scarcity of properties available in the market has not gone unnoticed by agents, who report that an increase in demand for tenants looking for homes is so significant that they cannot keep up with the demand.
As the number of prospective tenants in the UK rental market continues to rise each year and fewer young people are purchasing homes, instead opting to stay in the rental market, the number of homes available to rent has never been lower.
At Beech Holdings we have experienced first-hand the incredible demand for rental accommodation that the UK property market is currently experiencing, with a number of our properties being rented years ahead of time as competition between tenants continues to rage on in the city.
This incredible demand for rental accommodation has pushed rents to an all-time high. With a decrease in available properties currently in the market and tenant competition fierce, there has not been a better time to invest and capitalise on the demand in the market.