The average rent in the UK has reached £1,175 per calendar month, up 0.3% from last month, the latest rental index figures from HomeLet show.

When London is excluded, the average rent in the UK is now £977pcm, up 0.1% month-on-month

Average rents in London have exceeded £2,000pcm for the first time.

Rents in the capital are at an all-time high, with prices in the city rising to a new average of £2,011pcm – an increase of 1.1% from last month.

The North West also saw the largest monthly variance, with rents 1.2% higher than last month, up to £929pcm.

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what’s happening right now across the UK.

Andy Halstead, HomeLet & Let Alliance CEO, said:  “The end of 2022 is almost upon us, and the story of the year is one of rapid growth in UK rent prices. In January 2022, the UK’s average rent was £1,064; by November 2022, it had risen to £1,175, a 10% increase in less than a year.

“Our message has been consistent throughout this time. Landlords are concerned about the ability of tenants to pay their rent and potential new legislation, which has contributed to a shortage of available rental properties. This lack of supply to meet the demand is sure to see prices continue to rise at a time when the cost-of-living crisis is making things difficult for many people on all fronts.

“We will likely see a challenging year for the private rental sector in 2023. In a recent survey of landlords from Homelet with Dataloft, four out of 10 landlords named the cost-of-living crisis and its effect on the ability of tenants to pay rent as their biggest concern over the next 12 months. The concerns appear to be well founded, as a concurrent survey of 12,000 tenants revealed that just one in ten [11%] think the cost-of-living crisis will not impact their ability to pay rent.”