This year has seen a resurgence in London, as rents have surged by 10.4% across the city – more than any other region, analysis from Zero deposit shows.
Within the city the cost of renting property in the Brent has risen by 30.1% to £2,118 per month, making affordability far more challenging for people in the borough.
There’s also been an increase of 14.7% in Sutton, driving average rents to £1,482.
Across the UK rents have risen by 8.7%, as even the lowest region, Yorkshire and The Humber, saw an increase of 5.8%.
Sam Reynolds, chief executive of Zero Deposit, said: “Rents have continued to climb over the last year, driven by a far higher level of tenant demand than there are homes to satisfy it and, in some areas, the increase in the monthly cost of renting has been substantial, to say the least.
“It’s not just the monthly cost of renting that will prove problematic for many, simply securing a property can be a challenge due to the high initial cost of a traditional tenancy deposit.”
Across Nuneaton and Bedworth, in the West Midlands, tenants are now paying 16.2% more a month versus just a year ago, driving average rents to £819.
Folkestone and Hythe in the South East has seen a 15.8% jump, while the East Midlands accounts for two of the top five largest rental market increases, with Harborough (+15.7%) and Hinckley and Bosworth (+15.4%) seeing considerable jumps.
The research also shows that there are another 71 local authorities where rents have climbed by 10% or more in the last 12 months alone.
Just one area of the market has seen the average cost of renting reduce, in West Lindsey in the East Midlands (-1.7%).
