The cost of renting in Britain has reached a new peak, with the average advertised rent now sitting at £1,577 per month – the highest on record, according to property site Rightmove.

London continues to be the priciest place to rent, with tenants paying an average of £2,699 per month, while the North East remains the cheapest, at around £918 per month.

Although there are 8% more homes available to rent than this time last year, supply is still well below pre-pandemic levels – about 27% fewer than in 2019 – keeping the pressure on prices.

Across the UK, advertised rents were up 3% year-on-year, but the pace of growth varies. The North West has seen the fastest rise, with rents jumping almost 10% in a year, while London saw the slowest increase, at just 2%.

Here’s a quick look at the average monthly rents by region (and their annual increases):

East Midlands – £1,134 (+2.3%)

East of England – £1,599 (+2.5%)

London – £2,699 (+2.0%)

North East – £918 (+2.9%)

North West – £1,278 (+9.7%)

Scotland – £1,141 (+2.4%)

South East – £1,828 (+2.4%)

South West – £1,461 (+2.1%)

Wales – £1,107 (+2.6%)

West Midlands – £1,196 (+2.5%)

Yorkshire & Humber – £1,051 (+2.5%)

Rightmove’s property expert Colleen Babcock explained that the market is tough for both tenants and landlords.

“Renters now have a little more choice compared with a few years ago, but record-high rents still limit options for many,” she said.

Landlords, meanwhile, are feeling the pinch from tax changes and rising costs. Babcock warned that if too many landlords leave the market, tenants will ultimately be the ones who suffer from fewer available homes.