The average rent in the UK is now £1,220 per month after 8.3% growth in the last year, reveals new data from Zoopla.
This equates to UK renters paying an extra £1,100 per year (or £90 per month) compared to a year ago.
The highest average rent in the UK is in London (£2,119) while the Northeast has the lowest monthly rent (£695).
London is seeing growth slow the most, as rents have hit an affordability ceiling.
However, this rate of inflation is lower than we’ve seen at any time during the last two years. In 2023 alone, rental growth dropped from +11.4% to +8.2%.
The company believes that rental growth slowing to single digits is a sign we're past peak growth after nearly two years of 10%+ increases.
Data also highlights that Scotland continues to register the highest rental growth for new lets despite rent controls.
Zoopla expects a further slowdown in rental growth in 2024 as worsening affordability keeps demand in check.
