The average UK rent has risen to £1,061 per month and the average private renter spends 29% of their income on rent.
The most affordable place in the UK to be a renter is the northeast, where average rents cost £578 and the price has risen by just 3.6% over the past year. Compared to the national average of 29%, renters in the region spend 22% of their income on renting.
Unexpectedly, London remains a region where rents remain more unaffordable. In the past 12 months, the average price has risen by 6.4% to an average of £1,752.
The east midlands has seen the biggest rise, where rents have risen by 8.4% in the past year.
“Housing follows the same fundamental laws of economics as other goods that consumers need,” said Matthew Carter, head of marketing at HomeLet and Let Alliance.
“Ultimately demand, coupled with lower stock levels for certain types of property, are driving up rental values. The concern is that we’re at a point where there are some areas with exceptionally high demand.
“Landlords and the lettings market have faced a continued raft of changes and legislation; the Government needs to carefully consider how any future policy might impact the 4.5 million households in the private rented sector. The Government’s push on homeownership shouldn’t be done to the detriment of an industry that plays a critical role in UK housing.”