With many under 40 worried they may never get a foot onto the property ladder, renting has become increasingly popular.
But as people are being priced out of the housing market, rents in some locations have also soared to unprecedented levels.
There are still some towns and cities across the country, however, where rents are relatively low – starting from an average of just £476 a month which compares to an average of £1,301 a month in England.
BLG Development Finance and Online Marketing Surgery have created their Rent Report, ranking areas in the UK based on their average rent price so far this year.
Their findings are that Dumfries and Galloway in Scotland has the cheapest rent price average so far this year at £476 per month. Meanwhile, the highest rent prices are in Kensington and Chelsea at £3,322 per month.
Outside of London, the place that has the highest rent price average this year is Elmbridge in Surrey with £1,756.
Here we reveal the top 10 areas with the cheapest average rent prices by local authority, area and rent price average for 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, who is Rightmove’s director of property science, recently commented on the rising rents.
He said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.
“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.
“Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”
Richard Lane, the chief client officer at debt assistance charity StepChange, added his thoughts in a recent piece about soaring rents.
He said: “Our research shows that many tenants’ financial situations are becoming increasingly precarious one in three (31 percent) private renters has used credit to afford their rent in the past year, while one in two (50 percent) private renters is finding it difficult to keep up with bills and credit commitments.”
He added: “For those facing rental arrears or financial difficulty, there is specialist support out there for you.
“A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt.”