Coinciding with record high house prices, private rents across the UK surged by 9.1% in the 12 months to November, according to the latest Price Index of Private Rents (PIPR).
This was a sizable increase from the 8.7% rise recorded in October, reflecting tight competition for rentals in the UK.
England saw a 9.3% rise in private rents, setting a new record with average monthly rents reaching £1,362.
London experienced the sharpest regional inflation, with rents climbing 11.6% over the year, pushing average monthly costs to £2,206.
In contrast, Yorkshire and The Humber had the lowest annual increase among English regions, with rents rising by 5.7%.
Across Great Britain, the highest average rent was recorded in Kensington and Chelsea, London, at £3,520 per month, whereas the North East reported the lowest at £700.
“Rapid rent rises will have sent renters into a cold sweat, panicking about how on earth they can afford to stretch their budget far enough to make ends meet," stated Sarah Coles, head of personal finance, Hargreaves Lansdown.
"To make matters worse, it’s incredibly difficult to see when this rapid rise in rents will come to an end."