Rents for private tenants rose by 8.4% on average in the year to September, unchanged from August’s annual growth figure.
According to the Office for National Statistics (ONS), following the latest inflationary rise, average rents are £1,336 in England, £760 in Wales and £973 in Scotland.
In Northern Ireland, average rents increased by 9.5% in the 12 months to July 2024.
Across the country, the average rent stands at £1,295, £101 more than 12 months ago.
Regional rent rises
All regions in England experienced annual rent rises of 6% or more.
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Londoners saw the highest rent increases in the 12 months to September, with rent rises of 9.8%. Tenants in the North West were subject to the second-highest rises in England, with a 9.3% increase in rents.
The South West and Yorkshire and the Humber were the regions with the slowest rental growth, at 6.3%.
Tenant demand increases
Despite rising rents, tenant demand continues to increase, according to surveyors. The Royal Institution of Chartered Surveyors (RICS) report recorded a net balance of 22% of surveyors who noted an increase in tenants in September, up on the 11% reading returned in the previous report.
However, the reading falls short of the average of 38% seen throughout 2023.
Meanwhile, the long-running decline in the volume of landlord instructions coming onto the market shows little sign of abating, with the latest net balance slipping to negative 29% compared to negative 21% last month.
Surveyors expect rents to rise higher in the next three months as a result of the supply and demand imbalance.
