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.