The average agreed rent for new tenancies in the UK ranged from 665 British pounds to 2,100 British pounds, depending on the region. On average, renters outside of London paid 1,095 British pounds, whereas in London, this figure amounted to 2,025 British pounds. Rents have been on the rise for many years, but the period after the COVID-19 pandemic accelerated this trend. Since 2015, the average rent in the UK increased by about 25 percent, with about half of that gain achieved in the period after the pandemic. Why have UK rents increased so much? One of the main reasons driving up rental prices is the declining affordability of homeownership. Historically, house prices grew faster than rents, making renting more financially feasible than buying. In 2022, when the house price to rent ratio index peaked, house prices had outgrown rents by nearly 30 percent since 2015. As house prices peaked in 2022, home buying slowed, exacerbating demand for rental properties and leading to soaring rental prices. How expensive is too expensive? Although there is no official requirement about the proportion of income spent on rent for it to be considered affordable, a popular rule is that rent should not exceed more than 30 percent of income. In 2024, most renters in the UK exceeded that threshold, with the southern regions significantly more likely to spend upward of 30 percent of their income on rent. Rental affordability has sparked a move away from the capital to other regions in the UK, such as the South East (Brighton and Southampton), the West Midlands (Birmingham) and the North West (Liverpool, Manchester, Blackpool and Preston).

Renting an apartment in Cambridge cost on average more than 1,500 British pounds per month in December 2023, making it the most expensive cities for renters in the UK after London. In London, the average rent ranged between 1,400 British pounds and 3,700 British pounds depending on the location. On the other hand, Northern Ireland, Wales, and North East were the regions with the most affordable rents.

The average monthly home rental payment in the United Kingdom (UK) increased steadily since 2008, reaching 1, 258 British pounds in December 2023. In comparison, the average home buying costs amounted to 1,231 British Pounds that year, meaning that homeowners saved 27 British pounds monthly from the difference.

Between 2008 and 2024, the average weekly rent for private renters in England has shown a significant increase. In the 2009, the average rent was 153 British pounds, and by 2024, it had risen to 237 British pounds. Excluding London, the average rent started at 130 British pounds in 2009 and reached 191 British pounds in 2024, demonstrating a similar upward trend but at a lower rate compared to the overall average in England. Rental households in England Renting is common in England. Nearly one in five households occupied a dwelling that was privately rented in 2024. While the majority of households in the country live in an owner-occupied home, this percentage has declined since the early 2000s. Meanwhile, the share of households occupying a private rental has doubled over the past decade. This shows a growing rental sector and a shift in tenure trends in the country. Buying vs renting costs For a long time, the average monthly costs of buying a home were lower than renting. In 2021, housing costs started to increase steeply, closely followed by rental costs. This resulted in the gap nearly closing in 2023. This trend can also be observed through the house price to rent ratio - an index that follows the development of house prices relative to rents, with 2015 as a baseline year. Between 2015 and 2022, the ratio grew steadily, indicating that property prices rise faster than rents. However, with rental growth accelerating and catching up with property prices in 2022, the index declined notably.

Summary of average monthly rents in private rental market, recorded per 12 month rolling period.

Data updated quarterly by local authority areas for England.

The release presents the mean (average), median, lower quartile, and upper quartile gross monthly rent paid (ignoring any adjustment for services not eligible for housing benefit), for a number of bedroom/room categories for each Local Authority (LA) in England for the 12 month period stated. Full set of local authority tables available on the VOA website.
Full notes, methodolgy and glossary available from http://www.voa.gov.uk/corporate/statisticalReleases/120823_PRRM_ReleaseNotes.html

Rental price statistics historical data time series (indices and annual percentage change). These are official statistics in development.

Rent Inflation in the United Kingdom decreased to 7.40 percent in February from 7.80 percent in January of 2025. This dataset includes a chart with historical data for the United Kingdom Rent Inflation.

Price to Rent Ratio in the United Kingdom decreased to 114.58 in the third quarter of 2024 from 116.11 in the second quarter of 2024. This dataset includes a chart with historical data for the United Kingdom Price to Rent Ratio.

The cost of rent for office space in London is the highest in Europe. In the fourth quarter of 2023, the West End had average rents per square foot of 150 British pounds. The average annual rent in London for prime office space was substantially higher than in any other European market. Prime yields For commercial real estate investors, prime yields in London averaged four percent in 2023. As compared to the rest of the United Kingdom, yields for prime office space in London were notably lower. Commercial investments Office real estate, which comes under the broader term of commercial real estate, traditionally accounts for the lion's share of commercial real estate investments. In recent years, however, this share has been gradually declining. Despite this trend, the UK is one of the leading office real estate investment markets in Europe.

In 2023, the most expensive residential rental market in Europe was London (inner) with rental costs of approximately 33.8 euros per square meter. Dublin and Paris followed with rental costs of 31.5 and 31.3 euros per square meter. Rents increased across most markets - a trend that could also be observed in the housing market. How much does an apartment cost in different European cities? Renting a furnished studio apartment in some of the leading cities in Europe can cost anywhere between 500 euros monthly (Budapest) and 2,000 euros (Amsterdam) per month. For afurnished one-bedroom apartment in Paris, France, one may be expected to pay on average 1,900 euros monthly. Which countries have the most affordable housing? The house price to rent ratio is an indicator of the affordability of owning housing over renting across European countries and is calculated as the nominal house prices divided by a rent price index. The higher the ratio, the more the gap between house prices and rental rates has widened since 2015 when the index base was 100. As of the fourth quarter of 2021, Finland, Italy, and Belgium had the lowest house price to rent ratio, meaning that buying a house was most affordable there compared to renting.

The United Kingdom (UK) is the most expensive European country for annual costs of prime industrial rent at about 300 euros per square meter of industrial space in London Heathrow per year in 2023. Switzerland, Norway, Ireland, Finland, and Luxembourg were the other European countries where the average annual cost of industrial prime rents in the capital city exceeded one hundred euros per square meter.

Median price paid for residential property in England and Wales, by property type and administrative geographies. Annual data.

This is the average weekly Private Registered Provider (PRP) rent in GBP for the financial year.Until 2011, data was collected by the Tenant Services Authority via the annual Regulatory and Statistical Return (RSR). From 2012, it was collected by the Homes and Communities Agency via the Statistical Data Return (SDR). In 2018, the responsibility for the SDR was moved to the Regulator of Social Housing (RSH).

Figures are based on general needs stock available for social rent only and are only taken from the larger Private Registered Providers (PRPs) completing the long form. Up to 2006, the threshold for completing the long form was that the PRP owned/managed at least 250 units/bed spaces. From 2007, this increased to 1,000 units/bed spaces. From 2012, the threshold for completing the long form of the SDR was that the PRP owned at least 1,000 units/bed spaces.

The average PRP rents within a local authority area can move down from one year to the next. This is especially true if, during the latest year, most of the LA stock has been transferred through a large-scale voluntary transfer to the PRP sector. Averages are calculated for self-contained units only.

Data is Powered by LG Inform Plus and automatically checked for new data on the 3rd of each month.

London West End - Bond Street is the most expensive location for prime high street rents in the UK, with prices reaching 2,250 British pounds per square foot. The West End was ranked ahead of the London City, which came in third. In Manchester, the annual costs of rental per square foot of prime retail real estate amounted to 225 British pounds. Retail warehouses Retail warehouses typically range from fifty thousand to hundreds of thousands of square feet. They are used for keeping and distributing inventory. Retail warehouses include loading docks, truck doors and large parking lots; also, they may contain a limited amount of office space. Prime retail warehouse properties belong to the wider category of industrial property, along with other real estate types, such as distribution buildings, showroom facilities, manufacturing buildings, cold storage facilities, telecom or data hosting centers, "flex" buildings denoting more than one industrial or commercial facility housed in the same building, and finally R&D buildings. Prime yields of high street retail across Europe Retail real estate prime yields in Europe were the lowest in Zurich, Switzerland, and the highest in Istanbul, Turkey in 2022. As could be expected, larger cities in Europe tended to produce lower yields, due to the lower risk associated with these markets. Locations with lower yields tend to have steady occupancy rates and rental growth.

Average weekly household expenditure on goods and services in the UK. Data are shown by region, age, income (including equivalised) group (deciles and quintiles), economic status, socio-economic class, housing tenure, output area classification, urban and rural areas (Great Britain only), place of purchase and household composition.

The current average price per night globally on Airbnb is $137 per night.