HomeLet’s latest Rental Index reveals that the average rent in the UK has increased by 0.8%, reaching £1,184 PCM. Excluding London, the average rental price has risen by 1.0% to £993 PCM. The North East experienced the largest monthly increase with rental averages rising by 1.6%. London’s rents are also on the rise again, reaching an average of £1,979 PCM, up 0.2% from the previous month.

HomeLet & Let Alliance CEO, Andy Halstead, comments on the data, stating that demand for rental properties remains exceptionally high, and the insufficient housing stock continues to drive rents up. As a result, rent guarantees become even more crucial for landlords and letting agents to protect against tenants who may not be able to pay rent. HomeLet and Let Alliance together provide rent guarantees for £1.5 billion in annual rents.

Halstead also advises landlords to stay vigilant, as the competitive market and lack of available properties make finding suitable properties a challenging task for tenants. The HomeLet Rental Index, which now includes data from both HomeLet and Let Alliance, offers the largest and most comprehensive view of the UK’s private rented sector, utilizing data from over 1 million references processed each year on behalf of 5,000 UK letting agents.

With every region of the country reporting a month-on-month rental price rise, UK landlords can expect to see their rental incomes increase in the coming months. 

The HomeLet Rental Index report can be found here.