Many under-40s fear they will never enter the property market, so renting has become increasingly popular.
However, as people increasingly enter the housing market, rents in some areas have also risen to unprecedented levels.
However, there are still some cities across the country where rents are relatively low, starting at an average of just £476 per month, compared to an average price of £1,301 per month in England.
BLG Development Finance and Online Marketing Surgery have produced their rental report, which ranks areas in the UK based on average rental prices year to date.
Their result: Dumfries and Galloway in Scotland have the lowest average rent prices this year at £476 per month. The highest rent prices are in Kensington and Chelsea at £3,322 per month.
Outside London, Elmbridge in Surrey is the place with the highest average rent prices this year at £1,756.
Here we show you the top 10 areas with the cheapest average rental prices by municipality, area and average rental price for the year 2024 from January to June.
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Dumfries and Galloway, Scotland, £476
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Hartlepool, County Durham, £535
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Burnley, Lancashire, £545
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Durham, County Durham, £546
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Powys, Wales, £546
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Hyndburn, Lancashire, £552
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North Lincolnshire, Lincolnshire, £561
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Redcar and Cleveland, North Yorkshire, £562
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North East Lincolnshire, Lincolnshire, £564
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Neath Port Talbot, Wales, £567
Tim Bannister, Director of Property Science at Rightmove, recently commented on rising rents.
He said: “With 17 enquiries for every available rental property, the market remains unbalanced and difficult for tenants.”
“We need investment from landlords to increase inventory and achieve a healthier balance between supply and demand in the market.”
“To achieve long-term stability in the rental market, support for both tenants and landlords is crucial.”
Richard Lane, senior account manager at debt relief organisation StepChange, shared his thoughts on rising rents in a recent article.
He said: “Our research shows that the financial situation of many renters is becoming increasingly precarious. One in three (31 percent) private renters have taken out a loan to pay their rent in the past year, while one in two (50 percent) private renters are struggling to meet their bills and loan obligations.”
He added: “For those facing rent arrears or financial difficulties, there is specialist support available.
“A debt advice charity like StepChange can go through your budget and see where you can make savings to pay your rent, which is considered a priority debt.”
