The cost of renting a property in a city centre is rising as office workers, students and international residents return, according to Zoopla. The property portal said greater competition meant that renters taking on a new let were paying £62 more a month than they did pre-pandemic. Zoopla said demand for rental properties in January was up 76% compared to an average January in each of the previous four years. The number of properties available had been curtailed by existing renters staying put; the supply of rental properties recorded in January 2022 is 39% below levels typically observed at the start of the year. Together, this has meant a rise in rent for new lets, up 8.3% in the final quarter of 2021 compared with the same period a year earlier. A typical monthly rent in the UK rose by £62 to £969, the highest level in 13 years. This increase in rent was seen across most major cities including Birmingham, Edinburgh, Leeds and Manchester, Zoopla said.
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