Rents hit a record high of £816 a month with Londoners paying 12% more than last yearMake Text Bigger
Private rents hit a new high of £816 in September across England and Wales, according to new figures.
Tenants were required to give an extra £48 per month to their private landlords compared to this time last year, reveals estate agents Your Move and Reeds Rains.
At a time of year where students are looking for accommodation, September and October usually record the biggest rises in rental prices however; rents have been growing steadily over the past few years.
Rents hit new record highs in London, the South East, the South West and the East and West Midlands.
London experienced the fastest rent increased in comparison to other regions. The price for the average rented accommodation is now at a record £1,301, with rents having increased by 11.6% over the last year.
The second biggest increase occurred in the East at 8.8%, with monthly rental costs rising to £829 in September.
Rents in the East Midlands are 6.7% higher than a year ago at £603 per month, while rents are £592 a month in the West Midlands, an increase of 5.2%.
A spokesperson for Discount Insurance commented: “It is evident that the cost of a place to live has uncoupled from the cost of living because while the cost of essentials plateaus, rents are continuing to rise as a result of the shortage of available properties across the UK.”
As a result of increasing rents, tenants are struggling to keep up with payments, with arrears at 8.6% of all rent due as of September, according to the report.
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