The average rent for new rent has jumped by £117 a month since last year, according to a property website.
Zoopla said this pushed the usual rent to £1,078 a month.
According to the site, this is equivalent to 35% of an average One family incomeThis is the highest level in over a decade.
In cities like London, Manchester, Birmingham and Glasgow, rents have risen significantly in the last year. These cities are important employment centers with large student population and see demand outstrip supply.
The report stated that there has been a slight increase in rental supply in recent weeks due to the weakening of the home sales market. There are now 10 rental homes per realty agency branch, up from seven at Sept.
It is a grim reading for families who are already suffering from depression. cost of livingThis is a concern for anyone who is nearing the end their current lease.
“A chronic lack of supply is the reason behind rapid growth in rents that are increasingly unaffordable for the country’s renters, especially single and low-income households,” said Richard Donnell, CEO of Zoopla. “Many are also staying put to avoid the worst of the increases.” in rents.
Tenants need to be able to adapt to rising rents by using a variety strategies. We have seen a rapid rise of demand for 1 and 2-bedroom apartments. Some tenants are even considering property sharing to pay rent.
“Others may have to stay with their parents or family for a longer time before they can rent privately.”
Landlords may pay rent to cover mortgages on their second or third property. After the sharp rise in interest rates. Unsurprisingly, most renters have little sympathy—especially since it’s still A very difficult time getting onto the property ladder themselves.
Polly Nate, CEO of the Shelter Foundation, said: “Private rents are at a boiling point. Too many tenants live in fear of getting a rent increase or an eviction notice landing on the doormat.”
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