This European city has a record house rent of ₹3 lakh per month. read here

London, which boasts of old world charm with quaint modernist architecture as well as cobbled walkways, is now witnessing record breaking house rents 3 lakh per month.

According to telegraph.ukLandlords are asking for a record high rent of £1,172 a month. Experts have also warned that these rates will increase further in the coming months.

Property portal Rightmove has said that rental demand across the UK will increase by a further 5% in 2023 due to the ongoing imbalance between the number of people looking to rent and the number of rental properties available.

The news outlet reported, “Last year saw the second biggest annual rent increase ever recorded, with average rents for newly listed properties outside London rising 9.7 per cent. Went.” Quoting property portal Rightmove.

Telegrapg.uk quoted Tim Bannister of Rightmove as saying, “While the fierce competition to find homes among tenants is starting to ease, it is still more than twice the level of 2019.

“Letting agents are seeing an inordinate amount of tenant inquiries and are dealing with tens of thousands of potential tenants for each available property.”

“Landlords will need to balance any rent increase with the rent tenants can pay in their local area, in order to continue to find tenants quickly and meet the rents sought by tenants,” Rightmove said. His house should be empty for not being able to meet it.” Tim Bannister, Director of Property Science.

“It appears that there are few more property options for renters than last year’s record low levels, which will ease some of the fierce competition to secure a home.”

Rent rates are so high that some people are using it as a side hustle to earn extra money. A few days back a Metro News report said that a London banker had made 7,000,00 from renting two unused parking spaces at his home in Dalston, East London, for six years. He advertises vacancies monthly 10,000 and all he has to do is list them online.