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Residential rents rise at fastest pace in 13 years

Tenants under pressure to find affordable urban homes as workplaces reopen

Housing rents are rising at their fastest pace for 13 years, with the average UK tenant facing a bill of nearly £1,000 a month, according to research that underscores the increased costs to renters as workplaces reopen but supply remains tight.

Rents rose by an annual 8.3 per cent to an average £969 a month in the last quarter of 2021, according to a quarterly survey of the sector by property website Zoopla.

It said that demand for rental properties in January — as measured by inquiries to agents via its website — was up 76 per cent, compared with the four-year average from 2018 to 2021 for the same month. However, the stock of homes available to rent was 39 per cent lower than the five-year average at the beginning of the year.

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