Increase in UK rents
In this quick speed read we look at the rise in monthly rents in the Private Rental Sector (PRS)
- July to September is the busiest quarter of the year for the rental market. In a normal year, 32% of tenancies start in quarter 3. This is likely to be higher in 2021, as students and workers return to cities.
- It is therefore no surprise that the UK average monthly rent has seen an annual increase of 7.5% and is higher than pre-pandemic levels.
- Wales has seen the largest annual increase in monthly rent, 12.9%, followed by Scotland, 10.5%, and the East Midlands, 8.4%.
- Rental growth forecasts for the next 12 months are slightly above 3%. Over the next five years, rents are forecast to increase by 4% per annum across the UK (RICS).
- Source: Dataloft, HomeLet, Royal Institute of Chartered Surveyors
