Private rents in Britain are rising at a record rate, according to industry figures. Rightmove found that rents had risen 14% in a year in London and by more than 19% in hotspots such as Manchester.
The average advertised rent outside London is 10.8% higher than a year ago, leaving tenants grappling with “the most competitive rental market ever recorded”
Prices for rental homes surged at a record pace as demand from tenants outstripped the supply of properties on the market.
We’re hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back onto the market,” Tim Bannister, Rightmove’s director of property data, said in a statement released this morning.
When it comes to demand, we’re still seeing the effects of the pandemic, whereby tenants are balancing what they need from a home and how close they need to live to work with where they can afford.”
“The result of this ongoing mismatch between tenant demand and the properties available to rent means that tenants looking for a new place to move to are being faced with the most competitive rental market that Rightmove has ever recorded,”they added
Swansea saw the largest annual increase in rental asking price of any region, jumping 19.7% from £653 per month to £782.
