In Wales, Northern Ireland, and London, rents have also surpassed the average annual wage growth rate in the UK.
Tenants in the United Kingdom paid 6.2% more in December than they did in the previous year, according to data released by the Office for National Statistics (ONS).
This was the largest annual percentage change in rental costs since the ONS started compiling the data eight years ago, along with November 2023, and it exceeded the rate of inflation, which was 3.9% in December.
See also: Rent prices are skyrocketing for millennials following the largest annual increase ever.
Rent increases were largely offset by yearly pay increases, which increased by 6.6% nationwide.
However, renters’ actual costs vary depending on where they reside. Wage increases haven’t kept up with pay increases in some areas of the UK.
In Northern Ireland, rents increased by the highest percentage—9.3%—during the year. However, information was only available through October 2023, so the ONS stated that Northern Ireland’s October 2023 index was used to estimate UK figures through December 2023.
