Tenants are paying an average £1,284 per month on rent, an increase over the last year, according to Zoopla. Data from the property site shows that 12 renters are chasing every home for rent.
The average monthly rent for a new tenancy now stands at £1,284, equating to an annual cost of £15,400 – £3,000 higher than three years ago. However, Zoopla’s data suggests rental affordability, rather than increased supply, is the primary factor tempering rent rises.
“Rents are rising more slowly than average earnings, which will be welcome news for renters after three years where rents have risen rapidly,” said Richard Donnell, executive director at Zoopla. “Affordability remains the primary constraint on rental inflation rather than increased supply and greater choice of homes for rent.”
Rental growth has slowed, most notably in London, Scotland and the East Midlands, where supply has increased. In contrast, smaller and more affordable cities continue to see rapid increases, with rents in Blackburn rising by 10.1% over the past year, followed by Stoke (9.8%) and Rochdale (9.5%).
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