The cost of renting in the UK has reached a new high. This is due to the housing crisis and the millions of missing homes in the country, about which we have previously written.  

British renters are competing for a limited number of homes to rent. And because of this, rents are rising in the state. According to the real estate company Rightmove, outside London, the rent price has reached an average of a record £1,190 per month (€1,350), and in London itself, it has exceeded £2,500 (€2,840). What's interesting is that average rents outside London have risen for 13 consecutive quarters.

It is important to say that between January and March 2023, the number of properties available for rent increased by 8% compared to last year. However, there are still half as many as there were in 2019. The mismatch between supply and demand is evident across the UK.

“This year we're seeing some early signs of improving supply levels, although no significant influx of new properties available for rent is on the horizon at this time, and the mismatch will continue for some time,” said Tim Bannister of Rightmove.

Part of the reason for the shortage of affordable rental properties is the fact that a generation of homeowners who purchased homes with mortgages are retiring and selling their properties.

According to Hamptons, about 140,000 people who bought rental properties in the 1990s sold them last year to support themselves after retirement. This has led to a shortage of available rental properties, as new landlords are not filling the remaining niche.