The cost of renting a home in the UK has surged to a new record, reaching an average of £1,231 per month for those outside of London. In the capital, the situation is even more alarming,

with typical rents soaring to £2,567 per month. These figures indicate an increase of £300 and £559 per month, respectively, compared to pre-pandemic levels in 2019.

The surge in rents can be attributed to heightened demand and a limited supply of available properties. Consequently, fierce competition has emerged among tenants, with the process of finding a tenant for a property now taking just 17 days on average, according to data from Rightmove.

In the areas outside London, average asking rents have risen by 33% compared to 2019, while London's rents have climbed by 28% during the same period. The continued high demand has resulted in rental homes being snapped up quickly, with landlords often encountering long queues of prospective tenants eager to view and secure a property.

Despite the challenges faced by landlords, such as government sentiment, rising taxation, and compliance requirements, many value having reliable tenants and aim to maintain long-term relationships with them. However, some landlords, particularly those with lower-rated Energy Performance Certificates (EPCs), are considering selling their properties due to potential changes in EPC requirements from the government.

Overall, the rental market remains tight, with demand continuing to surpass supply, leaving tenants with limited options and driving up rental prices. While the situation is gradually improving compared to last year's record low levels, the housing market still has a way to go to reach pre-pandemic stock levels.