The average rent across the UK has reached an all-time high, with the typical advertised rent hitting £1,577 per calendar month in August. In London, this average climbed to £2,699, according to Rightmove (RMV.L).
The North West has experienced the steepest rise in rents, with average prices up by almost 10% compared to last year, bringing the average monthly rent in the region to £1,278.
In London, average rents remain the highest across Great Britain at £2,699 per month, but the year-on-year increase has been more modest at just 2%. Other regions are also showing varying levels of growth. For example, the South East and East of England have seen average rents rise by 2.4%, bringing the average monthly rent to £1,828 and £1,599, respectively. The South West saw a more modest increase of 2.1%, with average rents now standing at £1,461.
In contrast, the North East saw a more substantial rise of 2.9%, with average rents now £918 per month, while in the East Midlands, rents have increased by 2.3% to £1,134. Wales and Scotland both saw rents rise by around 2.5%, with averages reaching £1,107 and £1,141 respectively.
Yorkshire and the Humber saw a similar 2.5% increase, with the average rent in the region now standing at £1,051. The West Midlands saw a 2.5% increase, bringing the average monthly rent to £1,196.
The surge in rental prices comes amidst an ongoing squeeze on housing supply. While the number of homes available to rent has risen by 8% compared to August 2024, this represents the smallest increase of the year, pointing to the persistent supply constraints that are driving up rents.
Looking back to pre-pandemic levels in August 2019, available rental stock remains 27% lower.