Average rent has increased more than 8% over the past year

UK rentals rose by 2.47% (£849 to £870) during Q2 2022, the largest quarterly increase during the fifteen years that The Deposit Protection Service (The DPS) has recorded the country’s rental values.

Average rents had risen £66 from £804 to £870(8.21%) between Q2 2021 and Q2 2022.

The research also found that four of the largest recorded quarterly rent increases since 2007 – including 1.74% in Q3 2021 and 1.96% in Q4 2021 – took place during the same period, significantly contributing towards the UK’s rent inflation rate during the past year.

Eight of the UK’s 12 regions experienced rent rises of more than 7% between Q2 2021 and Q2 2022.

The North East, traditionally one of the cheapest places to rent in the UK, saw the highest annual percentage rent increase; rising 10.75% (£57) from £530 to £587 between Q2 2021 and Q2 2022, said the organisation.

The DPS added that the West Midlands saw the second highest annual regional rent percentage increase: 10.70% (£69), taking rents from £645 to £714 during the same period.

London recorded the greatest annual increase in monthly rental values, with rents rising by 9.44% (£124), from £1,314 during Q2 2021 to £1,438 in Q2 2022.

Matt Trevett, Managing Director at The DPS, said “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country.”

“A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise.”

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

	UK average rent	Rent rise %	UK Inflation rate %
Q2 2021	£804	0.50%	2.10%
Q3 2021	£818	1.74%	2.80%
Q4 2021	£834	1.96%	4.65%
Q1 2022	£849	1.80%	6.20%
Q2 2022	£870	2.47%	9.40%