Summary
The cost of renting a home in the UK has increased by £221 a month over the last three years, according to data from property website Zoopla. This rise is similar to the increase in monthly mortgage payments for homeowners. However, the pace of rent increases has slowed in cities.
Key Facts
- Rent costs have increased by £221 a month in the past three years.
- The average monthly rent as of spring was £1,283.
- Demand for rentals has grown, while the number of available properties has decreased or not kept up.
- Some renters are turning down job opportunities due to high rent costs.
- Parents are often helping their adult children with rent; some act as guarantors.
- Zoopla reported that annual growth in new tenancy rents has slowed from 6.4% to 2.8%.
- Rents have decreased in cities like Leeds, Dundee, and parts of London.
- More affordable areas near big cities have seen rent rises of 8% or more.
