The average rent on a newly let home outside of London rose to £1,002 per month in April, 7.8% more than the same time last year, Hamptons research has found.
Annual rental inflation has been particular high in Scotland (12.8%), the North (9.8%) and the Midlands (9.2%).
Since Covid rents have risen by 31% across the South West, North West and North East, surpassing the average increase in Inner London, or 21%.
Aneisha Beveridge, head of research at Hamptons, said: “With rents on the open market rising quickly, tenants will face the choice of staying put or moving to a smaller home in a more affordable area.
“While anyone choosing to sit tight tends to face smaller rental increases than those moving home, they are not immune.
“Affordability constraints will likely hit the brakes on rental growth at some point this year, however, it’s unlikely to slow considerably due to the number of landlords looking to pass on their rising costs.”
Rents outside of London have passed four £100 per month milestones since 2013, including three since the start of the pandemic.
London currently has the strongest rental growth, as the average rent on a new let in Greater London hit £2,210 pcm in April, 17.2% higher than the same month last year.
This means that April also marked the first time that the average monthly rent in the capital surpassed £2,200 pcm, which will cost the average tenant an extra £3,895 a year if they were to move into a new rental home.
