Rental prices in Wales see the biggest rise in the UK amid 'demand mismatch'
The average rental price for properties in Wales has increased more than any other area in the UK aside from London, according to a report.
The jump in asking price has been seen right across the UK as the demand for places to rent continues to exceed the number of properties available on the market.
The price per calendar month has increased by an average of 10.8% outside of London, according to Rightmove's first-quarter rental trends tracker.
This marks the first time that rent has risen by more than 10% annually.
Wales saw the greatest annual rise in rental prices outside of London which was up 13.9% to £882 per month.
Data showing rental hotspots revealed that Swansea in particular saw the largest annual increase in rental asking price of any region, jumping 19.7% from £653 per month to £782.
The online real estate company said the sky-high costs are being driven by an ongoing mismatch in demand and supply, with tenant demand up by 6% and the number of available rental properties having fallen by 50% over the past year.
"The result of this ongoing mismatch between tenant demand and the properties available to rent means that tenants looking for a new place to move to are being faced with the most competitive rental market that Rightmove has ever recorded.
"There are more than triple the amount of tenants enquiring as there are rental properties available, meaning a high likelihood of landlords being able to choose between multiple suitable tenants", Rightmove said.
However, a 5% increase in the number of properties becoming available on the market last month, compared to a 16% rise between February and March, show signs of easing.
Tim Bannister, Director of Property Data at Rightmove, explained the factors behind market challenges: "On the supply side, we're hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back on to the market from doing so.
"When it comes to demand, we're still seeing the effects of the pandemic, whereby tenants are balancing what they need from a home and how close they need to live to work with where they can afford."
According to the research, asking prices shot up to an average of £1,088 across Britain and by 14.3% to £2,193 inside London.
Compared to other parts of the UK, Scotland saw growth of 11.2% to £852 per calendar month and the South West a 12.2% jump.