Research from Zero Deposit has revealed that the average monthly rent across the UK rose by 8.7% over the last 12 months, with notable increases in some areas, including a 30.1% rise in Brent.
London saw the largest increase at 10.4%, while Yorkshire and The Humber had the lowest at 5.8%.
Nuneaton and Bedworth in the West Midlands had a 16.2% increase, while Folkestone and Hythe in the South East saw a 15.8% jump.
The East Midlands had two significant increases, with Harborough at 15.7% and Hinckley and Bosworth at 15.4%.
71 local authorities had rent increases of 10% or more in the past year.
Only one area, West Lindsey in the East Midlands, saw a decrease in average rents, falling by 1.7%.
Sam Reynolds, CEO of Zero Deposit, said: “Rents have continued to climb over the last year, driven by a far higher level of tenant demand than there are homes to satisfy it and, in some areas, the increase in the monthly cost of renting has been substantial, to say the least.
“It’s not just the monthly cost of renting that will prove problematic for many; simply securing a property can be a challenge due to the high initial cost of a traditional tenancy deposit.
“The good news is that there are alternatives to a cash deposit available, with the upfront cost starting at just £7.50 plus Setup Fee compared to a sizable cash outlay.
“This allows tenants to make their move without having to fund their deposit through borrowing or lending.”
