A new report on the state of the rental market has revealed where the cheapest place to rent a home in Wales is. 

The Rental Market Report, by Zoopla, has unveiled Powys as the cheapest district for rentals in Wales. 

The average monthly rent in Powys is calculated to be £601, compared to the average Wales cost of £848. 

Across Wales, rents have risen over the past year, with Zoopla reporting an annual increase of 10.7 per cent or £80 per year. 

However, the average rent in Wales remains lower than that of the UK overall, with the UK average rent hitting £1,201 this year, a £110 or 9.7 per cent rise on last year’s figures.

Over the last three years, Zoopla estimates that an additional £3,360 has been added to renters’ bills, but the property portal is now anticipating a slowdown in rental price growth. 

Richard Donnell, Zoopla’s Executive Director of Research, commented: “There are already signs asking rents have overshot in some markets showing resistance to higher rents.

“Our data shows that rental demand has been steadily losing momentum over the second half of 2023. 

“This is illustrated by the number of enquiries per home for rent. This measure peaked at over 35 enquiries per property in the summer of 2022.

“There was a seasonal peak this summer, but to a lesser degree. We are now in the usual seasonal slowdown that will extend into Q1 2024.”