Figures from the Office for National Statistics (ONS) found this reached an average of £1,307 a month, £105 more than in 2023.

October’s rise was stronger than the 8.4% increase in the year to September, but lower than the record 9.2% rise in March this year.

Strong growth in England and Northern Ireland

In England, the average private rent was £1,348 in October, up 8.8% or £109 on the previous year.

This was higher than the 8.5% annual growth recorded in the year to September and lower than the recent record of 9.1% recorded in March.

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The average monthly rent in Wales reached £766 per month, an increase of 7.9% or £56 on 2023.

The growth rate was lower than in September, when it rose 8.3% annually. The ONS said the pace of private rent inflation in Wales has slowed since a record 9.8% rise in November 2023.

The average rent for Scotland was £976, up 6.6% or £60 annually. This was lower than the 7.2% increase seen in September, and growth in private rents slowed from a record 11.8% annual rise in August last year, the ONS said.

Data for Northern Ireland is only available up to August and ONS figures showed there was an annual increase of 9% this month. This was lower than the 9.5% increase in the year to July and below the record 10.4% annual growth seen in January this year.

Detached properties attracted the highest average rent in October at £1,505 a month, while flats and boxes were the lowest at £1,274.

The average private rent was higher for properties with four or more bedrooms, reaching £1,984 in October, while one-bedroom properties were the lowest at £1,049.

Lack of supply pushes rents up

Industry commentators said the tight supply of rental housing was keeping rents inflated.

Nathan Emerson, CEO of Propertymark, said: “As we continue to see further growth in rental prices across the UK, our members continue to highlight key concerns about the continued trend of a lack of rental stock against a number growing number of renters looking for homes.

“Selling outright or turning to the short-term rental market is becoming a more attractive option for landlords due to challenging legislative changes and the increased financial debt they are facing.”

Alex Upton, managing director of specialist mortgages and bridging at Hampshire Trust Bank (HTB), added: “Rents have risen substantially over the past year and the latest figures from the Office for National Statistics confirm this. Demand for rental properties continues to outstrip supply and we are likely to see this trend drive rents higher in the coming months. Propertymark figures show that there are around 10 potential tenants for every rental property available through the average letting agent. Unless there is a significant increase in supply – which is not on the horizon – this competition will continue to push rents up.

“Uncertainty surrounding the budget has caused some investors to pause, waiting to see if any tax changes would affect their plans. Now that the government’s intentions are clear, and with The recent cut in the Bank of England’s base rateinvestors have the clarity they need to pick up those broken trades. I expect we will see renewed momentum in buy-to-let activity as landlords look to meet strong demand in the rental market.”