Average rent prices increased substantially in the final quarter of last year, hitting 9.9% annual growth outside of London, says Rightmove.

This puts the average rent bill at £1,068 in most of the UK.

In the capital, average rents 10.9% over the same time span, leaving the average rental cost per month at £2,142. This is 3% higher than the start of 2020.

And within inner London specifically, an annual rise of 16.2% saw average rents jump to £2,577.

As with the purchase market, a demand and supply is the main factor in rising rents, with total demand up 32% on the year and available properties to rent 51% lower.

“However,” the report says, “the number of available rental properties is 7% higher than the same period in December, a sign of availability improving at the start of the year.”

Rightmove believes that rents will rise 5% throughout 2022.

Director of property data Tim Bannister explains: “Tenant demand continues to be really high entering the new year, meaning the imbalance between supply and demand is set to continue until more choice comes onto the market.

“Landlords understand the importance of having a good, long-term tenant, and there is a limit to what renters can afford to pay, which will prevent rents rising at the same rate we’ve seen over the past year.”

And speaking about London, Chestertons head of letting Richard Davies says: “Many renters were able to secure a better-priced rental home during the pandemic and are keen to hold on to a good deal as long as possible.

“With fewer tenants willing to move, the number of properties coming back onto the market for rent, particularly at the more affordable end of the market, will equally decline.

“As such, tenants wanting to move this year may need to be willing to compromise or consider less central neighbourhoods in order to secure a suitable property within their budget.”