Annual rent for newly let UK home £3,240 higher than 2021, research finds

Rents have risen by 27% since end of pandemic lockdowns, while earnings have increased by 19%

The average cost of renting a newly let UK home is now 3,240 higher than at the end of the pandemic lockdowns, after three years of rental increases outstripping rises in earnings, research shows.

Rents have risen by 27% since 2021, the online property website Zoopla found, compared with a 19% increase in earnings, taking the annual cost of renting a property to 15,240, up from 12,000 in 2021.