Tenants paid a UK average monthly rent of £775 during the first quarter of this year according to the Deposit Protection Service - but it’s going to be a radically different picture of the market for the next quarter.
According to its most recent rent index, London remained the most expensive place in the UK to rent, with monthly rents unchanged from Q4 2019 at £1,345, representing 42 per cent of tenants’ average wages.
However, these figures cover the period immediately before the Covid-19 pandemic began to seriously disrupt life and the DPS says that the next data - in three months time - will be dramatically different.
“For example, some landlords are asking for advice on how to make a claim against a deposit if a tenant leaves without giving notice or how to perform check-in and check-out reports during the lockdown” explains DPS managing director Matt Trevett.
“Whether you are a tenant with sudden financial difficulties or a landlord facing changes to your income, we encourage you to communicate with one another as often as possible during this challenging time.”
Outside London average monthly rents for Q1 2020 were £679, a £7 (or 1.04 per cent) increase since Q4 2019; meanwhile the North East remains the cheapest place to rent, with tenants paying £517 per month or 23 per cent of their salaries during Q1 2020, according to The DPS.
Year-on-year (Q1 2019 to Q1 2020) rents across the UK increased £18 (2.38 per cent) from £757.