London has recorded the strongest monthly rental growth, with average rents increasing by 4.2% from £2,385 to £2,484, according to Propertymark's rental price and average salary tracker. This rise means the representative annual salary required to secure an average-priced rental property in the capital has climbed from £70,050 to £74,520, a 6.4% increase year-on-year.
Across the UK, rental trends varied. The North West experienced the second-largest monthly increase, with average rents rising by 1.9% from £1,110 to £1,131. In contrast, Wales recorded the largest monthly rent decline, with average rents falling by 0.9% from £1,009 to £1,000. Wales was also one of the few regions to see improved affordability year-on-year, with the representative salary needed decreasing by 1.7% to £30,000.
Kim Lidbury, President of ARLA Propertymark, noted that while year-on-year rental growth is moderating compared to previous sharp increases, the fundamental issue of demand outstripping supply persists. She stated that until more quality homes are introduced and policies support landlord investment, significant reductions in rental costs are unlikely.