The average rent in Britain has reached a record level of £1,113 a month in June, up 0.9 per cent from the previous month, new figures show.
Financial pressure is being piled on tenants throughout the country, but particularly in London where average rents have reached £1,846 a month, according to the HomeLet data.
Rob Wishart, of HomeLet, said: ‘There is a shortage of housing stock in this country, and this is a phenomenon that is only getting worse as many landlords are deciding that they would prefer to leave the market altogether.
‘If we continue to see a decline in the number of landlords, tenants are likely to pay the price, as a shortage of supply will see an increase in demand, making further price rises inevitable.’
This two-bedroom flat at Southampton’s Manor Quay is available to rent for £1,100 a month via Leaders letting agents
The record high rents come amid a shortage of supply, with just 72 detached homes listed on property website Zoopla at the average £1,100 a month price point.
Gráinne Gilmore, of Zoopla, said: ‘The severe shortage of rental stock, coupled with high demand is driving an increase in rental prices across the UK.
‘Rents are likely to continue rising for longer in locations which have the most constrained stock levels like London, Scotland and the South West, however we anticipate that overall, rental growth will start to ease as we head into the remainder of the year.’
The record rental prices add further pressure on tenants during the cost of living crisis, prompting fears about an increase in those unable to pay their rents.
Mr Wishart adds: ‘The impacts of inflation, the war in Ukraine, energy price and other cost increases, are all combining to squeeze households up and down the country.
‘This month’s rental figures also show a rise, and it is relatively easy to surmise that all of the issues above will lead to an increased number of tenants unable to pay their rent, which is a bad thing for everyone.’
The Southampton (also pictured above) flat is furnished and comes with a balcony overlooking the River Itchen
What can you get for £1,110 a month?
With these latest figures in mind, we take a look at what you can rent around the country for the average amount of £1,100 a month.
The properties we’ve found for £1,100 a month include a furnished two-bedroom flat in Southampton with a balcony overlooking the River Itchen.
And for those looking for a larger family home, we’ve found a four-bedroom detached house for the same rental price.
It is in West Bromwich and boasts a large living area and two bathrooms.
This four-bedroom detached house in West Bromwich is to rent for £1,100 a month via My World Estates
The West Bromwich family home is being let part-furnished and has a kitchen with white cabinets
This three-bedroom end of terrace house in Scotland’s South Queensferry is to rent for £1,100 a month via OpenRent
Meanwhile, in Scotland, we have found an end of terrace that is available to rent for £1,100 a month.
The three-bedroom house is in Scotland’s South Queensferry, a town to the west of Edinburgh.
The HomeLet research revealed that Scotland saw the largest month variance in June, with rents 3.3 per cent higher than last month.
The final property in our list of homes to rent for £1,100, is a four-bedroom semi-detached house in Griffithstown, in the Welsh town of Pontypool.
This semi-detached house in Griffithstown, in the Welsh town of Pontypool, is for rent for £1,100 a month via Hathways letting agents
The Welsh property has four bedrooms and a modern kitchen with integrated appliances