Rental prices for homes in London climbed to yet another record during the three months to September as an average of 25 people competed for each property.
According to Rightmove, the average rent in London rose to £2,627 per month, having climbed by over 12% in just one year.
Outside of the capital, average monthly prices grew 10% to £1,278 a month, seeing the figure break records for a 15th consecutive period.
Some 25 people enquired about each respective rental property in Britain, Rightmove said, compared to an average of just eight prior to the pandemic in 2019.
"Record rents and far more tenants looking to move than there are homes available means it will still feel very difficult for many," Rightmove property science specialist Tim Bannister said.
Under the latest prices, the cost of renting in London over the course of a year would sit around £31,524, which is just £5,476 shy of the capital’s average full-time salary of £37,000.
Outside of London, the average yearly rent is £15,336 compared to median salaries of £32,000.
Demand is indeed starting to subside, according to the property website, as the number of rental properties coming to the market grows.
“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,” Bannister added.