Average rents now at record high

Supply issues helped push average rental costs to a record high last month.

According to Rightmove, the average advertised rent across Britain rose to £1,577 a month in August.

That’s 3% higher than it was a year earlier.

Rightmove believes this is because of a "constrained supply of homes".

Even though the number of available homes to rent has gone up by 8% in the last year, it’s 27% lower than it was in August 2019.

“While tenants looking to move have more choice and less competition from other tenants compared with a few years ago, some may still find their options limited with rents at record levels,” said Colleen Babcock, a property expert at Rightmove.

How much are rents in your region?

Here’s a snapshot of average monthly advertised rents across Britain in August, along with how much they’ve risen in the past year:

• East Midlands: £1,134 (+2.3%)
• East of England: £1,599 (+2.5%)
• London: £2,699 (+2.0%)
• North-east: £918 (+2.9%)
• North-west: £1,278 (+9.7%)
• Scotland: £1,141 (+2.4%)
• South-east: £1,828 (+2.4%)
• South-west: £1,461 (+2.1%)
• Wales: £1,107 (+2.6%)
• West Midlands: £1,196 (+2.5%)
• Yorkshire & Humber: £1,051 (+2.5%)

The north-west has seen the fastest growth, with rents about 10% higher than last year.

London, meanwhile, has had the slowest growth.

But the capital is still one of the most expensive parts of the country with an average rent of almost £2,700 a month.

Are you struggling with rental costs?

If you’re finding it hard to keep up with your rent, then options are available.

Our budget calculator can help you identify where possible savings can be made, so you can prioritise your spending and free up cash for vital expenses.

It’s also worth using our benefits calculator to find out if you’re getting all the state support you might be eligible for.

We’ve also put together some useful money saving tips for people living in rented accommodation.