The latest data from The Deposit Protection Service (The DPS) have revealed that average UK rents increased by more than a third (36.2%) against the rate of inflation during the past year.

The organisation’s Rent Index shows that average UK monthly rents for Q3 2023 were £1,121.46: a rise of 9.13% (£93.79) since Q3 2022. Inflation increased by 6.7% during the same period, meaning that rents outstripped inflation by more than 36%.

A separate survey from The DPS of more than 2,500 tenants during Q3 2023 confirmed that 7% more respondents said their rent had increased during the past six months (43% in September 2023 compared with 36% in March).

The same survey also showed that the proportion of tenants worried they might struggle to pay their rent in the future rose 3% over the same period (51% in March 2023 compared with 54% in September 2023).

Matt Trevett, managing director at The DPS, said: “Every region across the UK has witnessed inflation-beating rent increases during the past 12 months. The combination of increasing demand for rental property and cost-of-living pressures seems to be fuelling sustained rent rises.”