Proactive Investors - Private renting in the UK is at its most expensive, with the average tenancy for homes and flats at record highs, new research found.
For rent outside of London, on average Brits are looking at paying £1,316 per calendar month, which is the highest ever recorded, according to research by property website Rightmove.
Ahead of tomorrow's election, Rightmove is calling on whoever the next government is to help the industry by creating more rental properties.
In London, the price for renting on average lifted to £2,652 a month, marking nearly triple that of the £894 average seen in the north-east of England.
In May, rents outside London had increased by 7%, pushing ahead of the 2% inflation rate, Rightmove added. Meanwhile, those in the capital jumped by 4% year-on-year, slowing from 2022's peak of 18%.
Rightmove said it was urging the government “to accelerate housebuilding and incentivise landlords to invest in more homes for tenants” in a bid to rectify the issues in the rental market.
It believes some 120,000 new rental properties need to be added if rent growth was to return to "more normal levels" of around 2%.