Rent prices across the East Midlands have increased.

HomeLet has released the Rental Index figures from September 2023 in the East Midlands, with average rental prices continuing to rise.

Generally in the UK, rental prices increased by 1.19% from last month, meaning the average renter can now expect to pay around £1,276pcm for their home. 

This month's report details that: 

• The East Midland's rent prices are now, on average, around £859, an increase from last year of 8.19%
• Many renters are being priced out of accommodation, with rent-to-income ratios now at around 29.1%
• The average UK rental price hits another all-time high of £1,276 PCM, increasing a further 1.19% from last month 
• Excluding London, the average price of rent in the UK is £1,061 PCM, up 0.95% from last month

The trends reported within the HomeLet Rental Index are from data on actual achieved rental values for just-agreed tenancies arranged in the most recent period – providing an in-depth insight into the lettings market and what's happening right now across the UK. 

Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said: "Rental prices in the East Mids are at an all-time high – painting a bleak picture amid the cost-of-living crisis. Unfortunately, a 29.1% rent-to-income ratio isn't at all sustainable and we need to see improvement in the cost-of-living crisis pretty soon to ensure that East Midland's renters aren't being priced out of their homes.

"The simple fact of the matter is that this is a lose-lose situation for both landlord and tenant. Renters are being priced out by increasing costs, and property owners will struggle to fill vacancies whilst they manage rising running costs on the homes that they own. Nobody is benefitting from this and, as always, we can only hope to see the variances decrease as the months progress and the cost-of-living crisis begins to flatten."

This comes as Oakham Pastures opens the doors to its first show home, as properties hit the market.

The controversial development has caused outrage from some locals on social media, while others have embraced more homes in Oakham, hoping that development will draw infrastructure to the area, such as leisure facilities, schools, doctors surgeries and shopping opportunities.

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