Economics

Rents Soar by £221 a Month in Three Years as Relief Remains Elusive for Most Cities

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The cost of renting in the UK has surged by an average of £221 per month over the past three years, placing a growing financial strain on individuals and families alike, according to new analysis from property portal Zoopla. Despite signs that rent increases are slowing in urban centres, the overall rise has mirrored the jump in mortgage repayments, reflecting wider affordability issues across the housing market.

Zoopla’s data, shared this week, highlights how limited supply and rising demand continue to drive up prices. The average monthly rent across the UK now sits at £1,283, which is 21% higher than in 2021. New tenancies are bearing the brunt of this trend, as landlords price in both inflation and ongoing supply constraints. In effect, many renters are being forced to reconsider their job prospects, location, and even long-term plans just to make ends meet.

This pressure is not purely anecdotal. Lucian Cook, head of residential research at estate agency Savills, noted that more parents are stepping in to help their adult children with rent payments, often acting as guarantors or providing informal financial support. “It’s an inevitable outcome of prolonged rental inflation,” Cook said, underscoring a dynamic that’s now increasingly common among working-age adults.

One such parent, Karen, told BBC News that despite her son having a university degree and a stable job, he could not afford to pay rent without help from her and her husband. “We’re trying to support him, but we’re nearing retirement ourselves. It’s not sustainable,” she said, expressing concerns shared by many older households now caught in the crossfire of housing costs and intergenerational dependence.

Young professionals are particularly affected. Neysa Killeen, a 26-year-old working in musical theatre, described turning down a teaching job in Dublin because the salary couldn’t support the city’s high rent. After relocating to northern England, she’s now facing the prospect of moving again. “It’s the second time this has happened to me,” she said, adding that despite pursuing her passion, staying financially afloat remains a constant battle.

The picture is mixed across the country. While rent growth has cooled in parts of London, Leeds, and Dundee, with some areas even seeing a minor drop, other locations are seeing the opposite. Towns on the outskirts of major urban centres, including Wigan, Carlisle, Chester, Motherwell, and Blackburn, have reported annual rent hikes of 8% or more. These regions have become pressure valves for families and young workers priced out of city centres, but that rising demand is now lifting rents in those places too.

According to Aneisha Beveridge of estate agency Hamptons, rent increases are a major factor behind young adults staying longer in the family home. “The trend of delayed household formation has intensified in recent years,” she said, pointing to the growing gap between wages and housing costs.

While Zoopla’s latest figures do offer a glimmer of relief, annual rent growth slowed from 6.4% last year to 2.8% as of April. A broader challenge remains. The chronic imbalance between rental demand and housing supply is unlikely to resolve itself without meaningful reform and incentives for landlords to bring more properties to market. In the meantime, working families and young professionals will continue to feel the pinch, often relying on family support or sacrificing career opportunities in the face of rising living costs.

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