New research published today by Tlyfe outlines the areas in England that have suffered the highest rent rises over the last decade.
They’re a number of different factors currently effecting the UK’s rental market. The rising cost-of-living, the looming Renters’ Rights Bill and the dire housing shortage are just a few examples. With this in mind, Tlyfe, a tenant lifestyle app launched by Openbrix, have today published new research which shows how rents in England have already been impacted.
To conduct the research, experts analysed government rental market figures – published earlier this month – and found that across England the cost of renting has increased by 44.4% within the last ten years. On average, it costs around £1,369 per month.
Meanwhile, rents in Wales have also skyrocketed by 43.9%, though the monthly cost remains significantly cheaper at £777.
To experts’ surprise it’s not London that has experienced the highest increase in the cost of renting, despite the well-known fact that it is one of the most expensive places to live. The research highlights that the East Midlands holds the title for the largest surge as the cost of renting has shot up by 50.5%.
In contrast, the Northeast have witnessed the lowest increase – rents have only grown by 33%.
However, this trend wasn’t experienced in all northern towns. Researchers found Salford saw the highest increase in the cost of renting over the last ten years as it soared by 72.4%. What’s more, Leicester, South Gloucestershire and Bristol also made it into the top ten.
‘The cost of renting has only gone one way over the last decade and that’s up,’ Adam Pigott CEO of OpenBrix said. ‘Such is the consistent and overwhelming demand for rental properties that we find ourselves facing a severe crisis across the sector and one of the key factors causing this crisis is a lack of available homes to meet demand.
‘Unfortunately, it doesn’t look as though this market imbalance is set to be addressed anytime soon and, if anything, we’ve seen more landlords exit the sector due to consistent legislative changes implemented by the government.’
The completed research from Tlyfe can be accessed here.
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