New figures from the ONS reveal that private rents in the UK have risen strongly again, let’s dive into the details:

Record-Breaking Rent Increases

The average UK private rent surged by a staggering 8.4% in the year leading up to August 2024. While this is slightly down from the 8.6% increase in July, it’s still a goldmine for landlords. The average rent now stands at £1,327 in England – that’s an extra £104 per month compared to last year!

Regional Differences: Where are Rents Rising Fastest?

• England: Rent inflation varied across England, with London leading the pack at a 9.6% increase. The South West saw the lowest increase at 6.4%.
• Wales: Welsh renters faced an 8.5% hike, pushing the average rent to £752.
• Scotland: Scottish rents climbed by 7.6%, reaching an average of £969 per month.
• Northern Ireland: Renters in Northern Ireland experienced a 9.9% surge in the year to June 2024.

Location, Location, Location: Postcode Lottery for Landlords

If you’re looking to maximize your rental income, consider these hotspots:

• Kensington and Chelsea, London: Boasting the highest average rent in the UK at £3,418 per month – a prime location for high-end rentals.
• Elmbridge, South East: Outside London, Elmbridge takes the crown with an average rent of £1,822.
• Dumfries and Galloway, Scotland: At the other end of the spectrum, Dumfries and Galloway offers the most affordable rents in the UK, averaging just £483 per month.

Property Type: Detached Houses Reign Supreme

The type of property you let can significantly impact your rental income. Detached houses command the highest rents, averaging £1,486 per month. Flats and maisonettes are at the lower end, with an average rent of £1,253.

When it comes to the number of bedrooms, properties with four or more bedrooms achieve the highest rents (£1,957), while one-bedroom properties bring in the least (£1,032).