The average advertised rent in the UK has climbed to a record high, nearing £15,500 per year, according to a new report from Rightmove. The increase could mean that rent takes up over half of the average UK individual’s take-home pay.
The study also showed a 7% increase in new rentals coming to the market in the three months to September, compared to the same period last year. This helped raise the total number of available rental properties by 14%, even as demand decreased by 17%.
Tim Bannister, director of property science at Rightmove, said: “While it is likely that there is some way to go before this filters through to rental prices, we could start to see the pace of yearly rent rises slow more significantly than it has been.”
The data reveals a complex picture for the UK’s rental market. Despite the increase in average annual rent, which threatens to consume a significant portion of individual incomes, the rise in supply offers a potential respite for tenants.
The report comes amid ongoing scrutiny of the UK’s rental market, with affordability becoming a growing concern. The rise in advertised rents to almost £15,500 per year could place considerable financial stress on renters, emphasising the need for solutions to address the UK’s housing affordability crisis.
