Yahoo Finance This Is How Much Rent Now Costs In The UK On Average
Developments beside the canal near to Piccadilly in Manchester, Northwest England.
The average rent for a new letting has jumped by £117 per month since last year, according to a property website.
This has pushed the typical rent to £1,078 per month, Zoopla said.
The website said this equates to 35% of the average income of a single earner – the highest level in more than a decade.
Rents have been rising particularly sharply in cities such as in London, Manchester, Birmingham, Glasgow, Bristol and Sheffield over the past year. These cities are seeing demand exceed supply, being major employment centres with large student populations, Zoopla said.
The report said there has been a modest increase in rental supply in recent weeks, as the house sales market has weakened. The average number of homes for rent per estate agency branch is 10, up from seven at the end of September.
Still, it makes for bleak reading for households who are already struggling with the cost of living – and may be concerning for anybody coming to the end of their current tenancy agreement.
Richard Donnell, executive director at Zoopla, said: “A chronic lack of supply is behind the rapid growth in rents which are increasingly unaffordable for the nation’s renters, especially single-person households and those on low incomes. Many are also staying put to avoid the worst of rent increases.
“Renters are having to adopt a range of strategies to deal with rising rents. We have seen a rapid increase in demand for one and two-bed flats while some renters are now considering sharing a property to cover the cost of rent.
“Others may now need to stay at home with parents or relatives for longer until they can afford to rent privately.”
It’s likely landlords are putting up rental costs to cover mortgages on their second property (sometimes third or fourth), after interest rates skyrocketed. Unsurprisingly, most tenants have little sympathy – especially as it’s still an incredibly tricky time to get on the property ladder themselves.
Polly Neate, chief executive of Shelter, said: “Private renting is at boiling point. Too many tenants are living in fear of getting a rent hike or an eviction notice dropping on their doormat.”
Related...
How Skyrocketing Rent Lies At The Centre Of The Cost Of Living Crisis
This Is How Mould Can Impact Your Health – And What You Need To Do About It
Revealed: The Most And Least Affordable Places To Rent Outside London
