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Rents Record Biggest Annual Rise In 16 Years
Average monthly rent £1,126
Rents up 11.8% in year to June
Annual growth fastest in London
The average cost of renting a home in the UK (outside London) increased by 3.5% in the second quarter of the year compared to the first quarter, writes Bethany Garner.
Annually, the cost of rent was 11.8% higher in June 2022 than 12 months ago, according to data from Rightmove, which analysed 332,460 rent charges. Inflation in the UK currently stands at 9.1%.
The figures mark the highest annual increase the property website has recorded in 16 years.
The average monthly cost of renting stood at a record £1,126 in the second quarter of the year, while in Greater London this figure was £2,257. 
Annual rental growth in the capital, at 15.8%, was the highest ever annual rise of any region.
By the end of the year, Rightmove predicts average asking rent growth to reach 8%, revised upwards from the 5% it predicted at the start of the year.
Driving the sharp increases is a shortage of available properties and high tenant demand. The number of available rental properties has fallen by 26% year-on-year, while demand is up 6%.
Tim Bannister, director of property science at Rightmove, said: “The story of the rental market continues to be one of high tenant demand but not enough available homes to meet that demand.
“While stock levels are beginning to improve, with June seeing the highest number of new rental listings coming to market so far this year, the wide gap that has been created between supply and demand over the last two years will take time to narrow. Until then, this imbalance will continue to support asking rent growth.”
This gap between supply and demand is beginning to show signs of narrowing — albeit slowly — with the number of available rental properties rising 8% in the year to June. 
Rightmove also found that 34% of landlords are planning to expand their property portfolio over the next 12 months.

Source: Forbes