28 Jul 2022
The DPS has reported average rents rose £66 from £804 to £870 (8.21%) between Q2 2021 and Q2 2022. The organisation added that four of the largest recorded quarterly rent increases since 2007, including 1.74% in Q3 2021 and 1.96% in Q4 2021, took place during the same period, significantly contributing towards the UK’s rent inflation rate during the past year.
Matt Trevett, Managing Director at The DPS, said: “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country.
“A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise.
“Despite the current economic environment, many tenants still seem prepared to pay in order to secure a rental property.”
|Quarter||UK average rent||Rent rise %||UK Inflation rate %|
The DPS said that eight of the UK’s 12 regions experienced rent rises of more than 7% between Q2 2021 and Q2 2022.
The North East, traditionally one of the cheapest places to rent in the UK, saw the highest annual percentage rent increase; rising 10.75% (£57) from £530 to £587 between Q2 2021 and Q2 2022, said the organisation.
The DPS added that the West Midlands saw the second highest annual regional rent percentage increase: 10.70% (£69), taking rents from £645 to £714 during the same period.
London recorded the greatest annual increase in monthly rental values, with rents rising by 9.44% (£124), from £1,314 during Q2 2021 to £1,438 in Q2 2022, it added.
|Region||Average Q2 2022 Rent||Change since Q1 2022 (£)||Change since Q4 2021 (%)||Change since Q2 2021 (%)|
|Property Type||Q2 2022||Q1 2022||Q2 2022 vs Q1 2022 (%)||Q2 2022 vs Q4 2021|
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