How much does renting cost in your area? Use our interactive tool to find out how rental prices increase by 9% in a year
- Use ONS’s interactive map to find average rental costs in your area
- Are you bothered by rising rental costs? E-mail jane.denton@mailonline.co.uk
Average private rental costs rose by 9 percent in the year to February, new figures from the Office for National Statistics show.
At an average of £1,238 per month across Britain, the acceleration in average monthly costs is the highest since records began at the ONS in 2015.
Tenants are paying an average of £102 more per month in rent than a year ago.
During the period, average monthly rents rose to £1,276 per month in England, £723 in Wales and £944 in Scotland. In Northern Ireland, average monthly rental costs increased by 9.3 percent.
Renters in London saw the biggest spike, with rental costs rising 10.6 percent to a solid average of £2,035.
Use the map below to view prices near you. You can filter by number of bedrooms:
The average private rent was highest in London’s Kensington and Chelsea, at £3,248 per month.
Last month the lowest average monthly rental costs were in the North East of England.
In the North East, annual rental inflation was 5.7 per cent in February, with tenants paying around £658 per month.
Excluding London, the local area with the highest average private rental costs in February was Bristol, at £1,734 per month.
According to the ONS, the 9 percent increase in rental costs in the UK exceeded the 8.5 percent increase in the year to January.
It said: ‘Increasing annual inflation between late 2021 and mid-2023, followed by a slight decline in annual inflation, is likely to reflect recent changes in annual inflation for new rental properties (which are not subject to a price cap).”
While rental costs are rising, average real estate prices are falling on an annual basis. The ONS said average UK house prices fell 0.6 per cent to £282,000 in the year to January.
Ups and downs: Rental costs are rising while property prices are falling, according to the ONS
Variations: London renters have seen the steepest increase in average monthly rental costs
During the period, the average private rent in Britain was highest for detached homes, at £1,438, and lowest for apartments and maisonettes, at £1,201 per month.
Houses with four or more bedrooms had an average monthly cost of £1,901, while one-bedroom properties came in closer to £987.
Ben Twomey, CEO of Generation Rent, said: ‘These figures are shocking but not surprising – we have been feeling the impact of skyrocketing rents and unaffordable rent increases since 2021 and we have reached the end of what we can afford. .
“While the cost of living is apparently declining, the cost of the rental crisis continues at a rapid pace.
‘Tenants are pushed to the limit and there has to be something to offer.
‘The nine per cent increase in a year for all tenancies is well above the rate at which our wages are rising, illustrating how poorly tenants are protected.
‘This isn’t just because landlords’ costs are rising – more than half of private rental properties don’t have a mortgage – so it’s clear that landlords are raising rents just because their tenants have no choice but to pay these prices.’
