Renters have been warned that they face 'double misery' after rents hit a new record high. Asking rents outside of London have soared to a new peak, with the average cost now standing at £1,344 per month.
Rightmove's latest data reveals that there has been a 5.2 percent rise in rent prices since last year. In London, the average advertised rent has also reached an unprecedented high of £2,694 per month, up by 2.5 percent compared to last year.
Rightmove has recorded that the average number of inquiries per rental property has decreased to 15 from 23 last year, although this is still nearly twice the figure of eight seen in 2019. READ MORE: Renters ask 'is this a joke?' after spotting 'obstacle course' in bedroom of one-bed apartment Despite an annual increase in the supply of rental homes, availability remains below the levels recorded in 2019.
The property website noted that over a fifth (21 percent) of properties have had their asking rents reduced before securing a tenant, which is a rise from one in six (16 percent) the previous year.
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