As official government figures show the inflation rate hitting a 40-year high of 9per cent, analysis of the homes rental sector forecast costs there will climb by as much as £1,500 in the next year.
In just 12 months, the average tenant in this country could be paying £800 more a year in rent, according to the latest research by Ocasa, the rental platform.
Following the covid pandemic, analysis of rental market values by Ocasa shows that the average tenant is paying £12,936 per year – more than £1,000 per month – to rent their home.
London remains a rental market hot spot, where the average tenancy is close to double the national average, at £21,140 per year – an eye-watering £406 per week.
Ocasa estimates that Londoners’ annual rent charges will increase to more than £22,280 over the 12 months to March 2023.
A spokesperson for Ocasa said, “Despite a rather unsettled rental market landscape as a result of the pandemic, the average UK tenant is still paying over a thousand pounds more a year versus just 12 months ago.
“This cost is set to climb even further over the next 12 months. Renting is already the most substantial outgoing they face, but in recent weeks many will have also seen their finances squeezed by the increasing cost of living.
“When you add an increase in rental costs to this mix, it paints a very bleak picture for the year ahead.”
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