Rents have once more reached a brand new file excessive with month-to-month payments exterior London averaging £1,278, in response to property web site Rightmove.

Average marketed rents exterior the capital hit the most recent excessive after breaking information for 15 consecutive three-month durations, the Rightmove knowledge for the quarter from July to September confirmed.

It means marketed month-to-month rents are 10% greater than a yr in the past.

Average London rents have additionally risen to a file of £2,627 a month, up 12% on a yr earlier.

It far outpaces the general client value index measure of inflation, which stood at 6.7% within the yr as much as August. At the identical time typical wages grew 7.8%.

Each marketed rental property is receiving an average of 25 enquiries, in response to Rightmove’s rental developments tracker. It’s greater than triple the eight enquiries properties have been getting throughout the identical interval in 2019, earlier than the pandemic.

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The rise may be attributed to the continued mismatch of provide and demand with the variety of potential tenants surpassing the variety of obtainable properties.

Compared to pre-pandemic occasions (2019) the variety of tenants out there has grown 41% whereas obtainable properties dropped 35%, Rightmove mentioned.

But there have been enhancements, with the largest yearly bounce in rental properties coming to market since November 2022 – a 7% improve on this time final yr, Rightmove mentioned.

“Record rents and far more tenants looking to move than there are homes available means it will still feel very difficult for many tenants navigating the market,” mentioned Rightmove’s director of property science, Tim Bannister.

“While it is likely that there is some way to go before this filters through to rental prices, if the improving trend between supply and demand continues, we could start to see the pace of yearly rent rises slow more significantly than it has been.”

Rightmove is a platform for promoting and renting properties. As a part of the rental developments tracker, rental property enquiries by telephone and e-mail are collated as are queues for viewings.