It shows the average cost of renting a home in the UK has increased by 4.7% over the past year to £782 per month.
This month's report also shows the average cost of renting a home in London is the most expensive UK region - increased by 6.9% against the same time last year to £1,212 per month. In contrast, average rents in the North East increased by a minimal 0.8% to £523 per month - and has consistently remained the least expensive region in the UK to rent a home.
Other headlines from the December HomeLet Rental Index show:
- When the Greater London figure is removed, the average cost of renting a home around the rest of the UK increased by 1.7% over the past year to £654 per month
- Renting a home in Greater London is currently an average of 132% more expensive than in the North East
- Tenants are earning an average of 0.3% less than the same time last year at £27,799 per annum
- The average age of a tenant increased by 1.7% over the past year to 34.2 years
Do remember if you are a tenant that your belongings, furnishings or equipment within the property are not covered by any insurance policy maintained by the landlord, therefore tenants are advised to keep their own possessions insured.
Many Landlords also think that their carpets, curtains and other possessions will be covered by the tenant's insurance, well they will not be. So if there is a burst pipe for example and the ceiling falls down although the insurance should pay for repairs, they won't pay for replacing that carpet so even if your property is let "unfurnished" you will still need limited contents cover.
Find out more about HomeLet insurance Here