SpareRoom Rental Index
Room rents remain at record highs across the UK
Rents across the UK rose by 9% year on year when compared to Q1 of 2023, with the average monthly room rent hitting £740 – another new record.
The increase rate of rent in London has slowed for two consecutive quarters (Q3 2023 and Q1 2024), which we haven't seen since Q1 2022.
UK rents still rising
The largest regional YOY increases were seen in Northern Ireland and the West Midlands (up 11%), followed by the North West, Scotland and Wales (all up 10%).
| Region | Average monthly room rent Q1 2024 | Average monthly room rent Q1 2023 | Annual change Q1 2024 vs Q1 2023 |
| East Anglia | £653 | £608 | 7% |
| East Midlands | £563 | £525 | 7% |
| North East | £546 | £506 | 8% |
| North West | £597 | £542 | 10% |
| Northern Ireland | £536 | £484 | 11% |
| Scotland | £678 | £614 | 10% |
| South East | £735 | £675 | 9% |
| South West | £651 | £610 | 7% |
| Wales | £578 | £527 | 10% |
| West Midlands | £564 | £508 | 11% |
| Yorkshire and Humberside | £557 | £521 | 7% |
| London | £995 | £951 | 5% |
| UK | £740 | £681 | 9% |
| UK (excl London) | £653 | £598 | 9% |
London rental increases slow for the first time since 2021
The UK saw rents increase by 9% YOY. Meanwhile London rents were up 5%, the slowest increase since the pandemic (Q3 2021). North London saw the biggest increase in rents YOY out of all the London regions (7%), followed by South East (6%) and then East (5%).
| London regions | Average monthly room rent Q1 2024 | Average monthly room rent Q1 2023 | Annual change Q1 2024 vs Q1 2023 |
| E | £973 | £925 | 5% |
| EC | £1,244 | £1,199 | 4% |
| N | £958 | £897 | 7% |
| NW | £986 | £965 | 2% |
| SE | £948 | £895 | 6% |
| SW | £1,038 | £995 | 4% |
| W | £1,053 | £1,013 | 4% |
| WC | £1,305 | £1,253 | 4% |
| London | £995 | £951 | 5% |
| UK | £740 | £681 | 9% |
| UK (excl London) | £653 | £598 | 9% |
London sees postcodes continue to decrease
Rental prices in multiple London postcodes decreased for the first time in Q4 2023 (the first time since Q1 2022), and they have continued to decrease through to Q1 2024. SW3 saw the biggest drop (-11%), followed by E20 (-7%) and SE22 (-6%).
The cheapest London postcodes are:
| London postcodes | Average monthly room rent Q1 2024 |
| E12 (Manor Park) | £780 |
| SE20 (Penge) | £791 |
| N18 (Upper Edmonton) | £793 |
| SE2 (Abbey Wood) | £796 |
| E4 (Chingford) | £798 |
| SE25 (Norwood) | £798 |
| SE23 (Forest Hill) | £800 |
| SE9 (Eltham) | £804 |
| E6 (East Ham) | £807 |
| N9 (Lower Edmonton) | £816 |
UK’s most expensive towns and cities
The Bolton in the North West saw the biggest increase out of the 50 largest towns & cities (up 23% YOY), followed by Birmingham (19%) and Telford (15%). None of the top 50 towns and cities saw a decrease in rent, but the areas with the least change were Sunderland (0%), followed by Middlesbrough (1%) and Dundee (2%).
These are the most expensive places to rent in the UK, outside London:
| Town/City | Average monthly room rent Q1 2024 |
| Kingston upon Thames | £904 |
| Twickenham | £884 |
| Reigate | £863 |
| Barnet | £836 |
| Harrow | £821 |
| Croydon | £818 |
| Ilford | £817 |
| Epsom | £811 |
| Edinburgh | £811 |
| Brentwood | £799 |
UK’s cheapest towns and cities
The cheapest areas to rent outside of the capital in Q1 2024 were Bootle (£458) and Huddersfield (£475) for the second consecutive quarter, followed by and Blackburn (£476).
These are the cheapest towns and cities to rent in the UK:
| Town/City | Average monthly room rent Q4 2023 |
| Bootle | £458 |
| Huddersfield | £475 |
| Blackburn | £476 |
| Middlesbrough | £477 |
| Barnsley | £479 |
| Bradford | £479 |
| Grimsby | £481 |
| Burnley | £486 |
| Newtownabbey | £488 |
| South Shields | £489 |
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Methodology
SpareRoom’s Quarterly Rental Index compares data from Q1 2024 with Q1 2023, based on 200,000+ UK room ads (inclusive of bills). Sample size is the combined total across both periods.
Towns/cities/postcodes with a sample size of under 25 have been excluded from this report. London data covers E, EC, N, NW, SE, SW, W & WC postcodes.
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Every quarter we analyse 100s of 1,000s of room rents for the SpareRoom rental index. Giving you average rents and rent increases and declines across London and the UK: