Rents are practically £100 per thirty days greater on common than a yr in the past, in keeping with a property web site.
The typical UK month-to-month lease was £995 within the first quarter of this yr, Zoopla mentioned, up by 11% from £897 a yr in the past. Its index relies on new lets agreed.
Demand has surged again into metropolis centre markets and the availability of properties for lease struggled to maintain tempo, the report mentioned.
A brand new let agreed for a median rental property in London, in the meantime, will value greater than £20,000 in lease over the subsequent 12 months.
In London, the typical lease in March was £1,698.
Affordability issues may also begin to put a restrict on additional rental development
Grainne Gilmore, Zoopla
Grainne Gilmore, head of analysis at Zoopla, mentioned: “UK rental development is being pushed by excessive rental demand and restricted provide, tendencies which can be extra pronounced in metropolis centres.
“The surge of post-pandemic pent-up rental demand will normalise by quarter two and quarter three nevertheless, which implies rental development ranges will begin to ease.
“Affordability issues may also begin to put a restrict on additional rental development though this will happen at completely different occasions relying on location.
“Rents are more likely to proceed rising for longer in areas which have probably the most constrained inventory ranges – at present London, Scotland and the South West.”
Gareth Atkins, managing director, lettings at Foxtons, mentioned: “Steadily growing demand, severely restricted inventory and a swift rise in rental costs are all compelling causes to resume – and renters are responding.
“By means of Foxtons’ renewals division, we’ve got seen a 29% rise in renewals year-on-year versus 2021.
“Renters are additionally selecting longer tenancies to keep away from a market in flux; our deal size for renewals has gone up 9% in 2022, reaching a median tenancy of 15.7 months.”
