The average rent paid in the UK increased by 2.47% in the second quarter, new figures published by the Deposit Protection Service (DPS) have revealed.

This increase, from £849 to £870, is the largest quarterly increase during the 15 years that the DPS has recorded the country’s rental values.

Rents have now risen by an average £66 in the last year, from £804 to £870 between Q2 2021 and Q2 2022.

According to the DPS, the UK’s largest protector of deposits, four of the largest recorded quarterly rent increases since 2007, including 1.74% in Q3 2021 and 1.96% in Q4 2021, have taken place during the same period – significantly contributing towards the UK’s rent inflation rate during the past year.

The DPS has also reported that eight of the UK’s 12 regions experienced rent rises of more than 7% between Q2 2021 and Q2 2022.

Managing director at The DPS, Matt Trevett, commented: “The last 12 months of rent increases, including a significant acceleration during the last quarter, shows that the price of renting forms a substantial part in rising living costs across the country.

“A mixture of tenants moving back into cities, continued desire for larger rental properties with more space and a current shortage of properties of all types is causing rent prices to rise. Despite the current economic environment, many tenants still seem prepared to pay in order to secure a rental property.”

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