Average rent in the UK up 8% per year: DPS

Rents in the UK rose by 8.21% on average between the second quarter of last year and the second quarter of 2022, according to The Deposit Protection Service (DPS).

This equates to average rents rising from £804 to £870 per month.

And the jump from Q1 2022 to Q2 2022 came at 2.47% – from £849 to £870 – the fastest quarterly increase since its records began in 2007.

The DPS reports that the fastest quarterly increases since 2007 occurred during this time of year – 1.74% in Q3 2021 and 1.96% in Q4 2021.

The areas with the highest annual gains read as the North East, where a 10.75% annual rise saw rents hit £587, and the West Midlands. Here, an annual rise of 10.70% took the average rent to £714.

In terms of pure value, the most expensive place to rent remains London, whose monthly bill rose 9.44% over the year, forcing tenants to pay an average of £1,438 per month.

DPS Managing Director Matt Trevett comments: “The past 12 months of rent increases, including a significant acceleration in the last quarter, shows that rental price is playing a significant role in driving up the cost of life across the country.

“A mix of tenants returning to cities, a continued desire to rent larger buildings with more space, and a current shortage of properties of all types are driving rental prices up.

“Despite the current economic environment, many tenants still seem willing to pay to secure a rental property.”

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