According to recent data, the combination of high tenant demand and low numbers of available properties has caused average UK rents to rise at the fastest rate ever recorded. *
Rental demand has been reported as 32% higher, while the number of available rental properties is 51% lower than this time last year.
Flats have seen the highest increase in competition compared to last year (+132%), followed by terraced houses (+40%) and semi-detached homes (+30%).
Data collected from a popular property portal suggests that the average rental yield across the UK is now 5.5%, which is the highest since 2016. Industry experts are hopeful that rents will increase further this year, with a well-known portal director explaining, "Tenant demand continues to be high entering the new year, meaning the imbalance between supply and demand is set to continue until there is more property choice for tenants, which has led to our prediction of a further 5% increase in average asking rents in 2022."
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*Rightmove
