Rents in the UK are up 4.6% year-on-year, according to the latest quarterly report from Zoopla.
The UK’s average rent is now £968 per home, which is equivalent to 37% of the average monthly income. Over the last year, rents have risen especially sharply in Bristol (up 8.4% year-on-year), Nottingham (up 8.3%), Glasgow (up 7.2%), Cardiff (up 7.0%) and Sheffield (up 6.3%).
The steepest increase of all can be found in Purbeck, a popular coastal region in Dorset, where rents have shot up 16.2% year-on-year.
According to Zoopla, the fact rents are rising so steeply reflects an imbalance in the market – put simply, demand for rental properties continues to outstrip supply.
In London, rents are up 1.6% year-on-year, but this still means they’re 5% lower than before the pandemic. A report on the cheapest postcodes to rent a room in the capital was published in October, confirming that suburban areas in east and south-east London are the most affordable.
On average, homes in the UK are being let just 15 days after being put on the market, reflecting the increasingly high demand for rental homes.
“The swing back of demand into city centres, including London, has underpinned another rise in rents… especially as the supply of rental property remains tight,” said Zoopla’s Head of Research, Gráinne Gilmore.
“Households looking for the flexibility of rental accommodation, especially students and city workers, are back in the market after consecutive lockdowns affected demand levels in major cities,” Gilmore added.
“Meanwhile, just as in the sales market, there is still a cohort of renters looking for properties offering more space, or a more rural or coastal location.” A report on the UK’s new coastal hotspots was published in August.
Check out the average cost to rent a home in 15 major cities below.
Bristol – £1,116
Nottingham – £761
Glasgow – £710
Cardiff – £869
Sheffield – £665
Liverpool – £650
Newcastle – £638
Birmingham – £739
Belfast – £659
Cambridge – £1,272
Southampton – £901
Leeds – £778
Manchester – £818
Edinburgh – £969
Aberdeen – £580
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