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Between 1 April 2023 and 31 March 2024, this rent price-increase cap was 3% (and up to 6% in certain circumstances). From 1 April 2024, temporary changes to the rent adjudication system restricts rent increases for existing tenants who apply for rent adjudication. The PIPR and the IPHRP use the same administrative rent price data.
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Figure 1: UK rents inflation is rising to record-highs, while UK house price annual inflation remains negative
Average private rent for England was £1,285 in March 2024, up 9.1% (£107) from a year earlier. This is the highest annual rise since this series began in 2006 and was up from 8.8% in February 2024. Average UK house prices decreased 0.2% (provisional estimate) in the 12 months to February 2024, to £281,000. This was up from a decrease of 1.3% in the 12 months to January 2024 (revised estimate). These websites help both landlords and renters look for alternatives that meet their requirements. The Cost of Living (Tenant Protection) Scotland Act capped in-tenancy rent price increases at 0% (and up to 3% in certain circumstances) from September 2022 until 31 March 2023.
Northern Ireland
More detail is available in our Quality assurance of administrative data used in the PIPR methodology. In March 2024, the average private rent was highest in Kensington and Chelsea, London (£3,305), and lowest in Dumfries and Galloway, Scotland (£475). Excluding London, the local area with the highest average private rent in March 2024 was the City of Bristol, South West (£1,748). The average private rent in Great Britain was £1,246 in March 2024, which is £104 (9.1%) higher than 12 months ago. A rental website provides an Internet Listing Service (ILS) to list vacant houses.
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Sunbelt metros in the South, Southwest and Southeast saw the greatest construction, and accounted for almost one-third of all units built last year. Apartments.com is the best option for eager renters with more than 81 million visitors per month. Price Index of Private Rents QAAD Methodology | Released 20 March 2024 Quality assurance of administrative data (QAAD) used in the monthly production of Price Index of Private Rents (PIPR). The leading emerging metros for BTR homes are found in Florida and North Carolina. The North Port and Lakeland markets were the new markets with the greatest activity within the Sunshine State.
After that, the pace of new completions is likely to moderate, the nationwide apartment listing service observed. Anyone prepared to argue there’s really nothing new under the sun in the U.S. housing market hasn’t glimpsed RentCafe’s annual Build-to-Rent Construction Report, out just last week. The niche comprised of single-family houses built expressly to be rented has established its fifth straight yearly record, with more residences than ever being constructed.
Figure 3: The average rent annual inflation for England rises above the rate for Wales
For Great Britain in March 2024, the average private rent was highest for detached properties (£1,446) and lowest for flats and maisonettes (£1,211). Average private rent was highest for properties with four or more bedrooms (£1,912) and lowest for properties with one bedroom (£995). In March 2024, the average monthly private rent was highest in London (£2,055) and lowest in the North East (£662). In sizing up the numbers, RentCafe observed that the Covid-19 pandemic’s impact should not be underestimated. In the years before Covid turned our worlds upside down, an average 6,600 BTR houses were constructed annually nationwide.
Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. However, it could be difficult to fill your vacant house in this market. If, you are not able to rent your property, sell it as the home prices are rising. Selling with a Flat Fee company like Houzeo makes it a simple and affordable process. Interchangeable with "annual inflation" (or "annual growth", if positive).
UK private rent and house prices
Each subsequent month, updated Northern Ireland data are used to revise estimates for the UK. This means that there is a two-month revision period for the UK series in PIPR. By chain-linking the IPHRP (pre-2015) and PIPR (2015 onward) indices together, we have published a full historical series for the UK, Great Britain, its countries and English regions. Series begin in January 2005 for England, January 2009 for Wales, January 2011 for Scotland, and January 2015 for Northern Ireland and the UK. We advise caution when comparing pre-2015 trends with later estimates because of the methodology change in January 2015.
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Administrative data
Currently, average private rent is published for Great Britain, but not for the UK. We aim to publish average rent prices for the UK and Northern Ireland in March 2025. We aim to include Northern Ireland in the Price Index of Private Rents (PIPR) in March 2025.
It also has a personalized dashboard to view your search history and manage your account settings. Customers often complain about slow and unresponsive customer service. In recent periods, the total transaction volumes and new build volumes available to calculate UK HPI estimates for recent months have been lower than historically.
The Office for National Statistics (ONS) and HM Land Registry (HMLR) are working to resolve this. See updated listings every day, search with tailored filters, and contact property managers—all from one place. Zillow has the most rental listings and receives the most web traffic. However, it has been criticized for its high fees and poor customer service. It offers a search engine with features like search filters, neighborhood guides, and rental history checks. However, HotPads is a syndication site, which means that the listings are aggregated from other websites.
Our new local housing statistics tool summarises the latest private rents and house price statistics for local areas. In the 12 months to February 2024, average house prices decreased in England to £298,000 (negative 1.1%), decreased in Wales to £211,000 (negative 1.2%) and increased in Scotland to £188,000 (5.6%). Average house prices increased by 1.4% to £178,000 in the year to Quarter 4 (Oct to Dec) 2023 in Northern Ireland. Average private rent in Northern Ireland increased by 10.1% in the 12 months to January 2024, up from 9.3% in December 2023. Northern Ireland rents data are not available for the latest two months. To produce provisional UK statistics, Great Britain's inflation rate for the latest two months has been used to estimate Northern Ireland's inflation rate in this period.
In North Carolina, Raleigh is a fresh new BTR market, while in Georgia it is Savannah and in Michigan, Ann Arbor. Easily find and book the perfect vacation rental with AI Mode, HomeToGo's AI-powered travel planner, now available in beta in the app. However, Rentometer’s Pro package is relatively expensive, especially for landlords who manage many properties. In fact, Huntsville is topped only by Phoenix, Dallas and Houston among the metros with the most BTR homes under construction. At the opposite end of the spectrum, Denver, Sacramento, Riverside and Minneapolis bring up the bottom of the top 20, each of them with fewer than 1,000 BTR units under construction. In Alabama, the dramatic growth of jobs and residents in Huntsville has supercharged the production of BTR houses.
For more information, see our Measuring the UK housing market blog post. Average UK private rent increased by 9.2% in the 12 months to March 2024 (provisional estimate). This was up from 9.0% in the 12 months to February 2024 (revised estimate) and represents the highest annual percentage change since this UK data series began in January 2015. Average private rent for Wales was £727 in March 2024, up 9.0% (£60) from a year earlier. This annual rise was unchanged from the 12 months to February 2024, but remains below Wales's record-high annual rise of 9.8% in November 2023, which was the highest annual rise since this series began in 2010.
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