Average monthly rents hit record high

Average rents in the PRS have reached record levels according to new data from the Office for National Statistics (ONS). 

The median monthly rent recorded between April 2022 and March 2023 was £825 for England; the highest ever recorded. 

In London the figure was almost double at £1,500 with the North-East recording the lowest median monthly rent at £550. 

The data, from the latest private rental market summary statistics for England, shows the difference in monthly rental price between the most and least expensive local authorities was £2,050. 

The ONS also released the latest Index of Private Housing Rental Prices for the UK for May 2023, showing rental prices rose by 5% to May 2023.  

Within England, the highest annual percentage change in private rental prices was in the West Midlands, at 5.2%, while the North-East saw the lowest at 4.3%. 

London's annual percentage change in private rental prices was 5.1%, the highest annual rate since October 2012. 

The NRLA is campaigning for the reintroduction of Mortgage Interest Relief to help landlords - faced with mounting mortgage and other costs - to keep rents at manageable levels. To read more about our calls click here.