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Zoopla reports a £117 increase in average monthly rent over the past year

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According to the Independent.

The average rent for a new letting has jumped by £117 per month since last year, according to a property website.

This has pushed the typical rent to £1,078 per month, Zoopla said.

The website said this equates to 35% of the average income of a single earner – the highest level in more than a decade.

Rents have been rising particularly sharply in cities such as in London, Manchester, Birmingham, Glasgow, Bristol and Sheffield over the past year, Zoopla added.

These cities are seeing demand exceed supply, being major employment centres with large student populations, it said.

“We have seen a rapid increase in demand for one and two-bed flats” Richard Donnell, Zoopla

The report said there has been a modest increase in rental supply in recent weeks, as the house sales market has weakened.

The average number of homes for rent per estate agency branch is 10, up from seven at the end of September, Zoopla said.

Richard Donnell, executive director at Zoopla, said: “A chronic lack of supply is behind the rapid growth in rents which are increasingly unaffordable for the nation’s renters, especially single-person households and those on low incomes. Many are also staying put to avoid the worst of rent increases.

“Renters are having to adopt a range of strategies to deal with rising rents.

“We have seen a rapid increase in demand for one and two-bed flats while some renters are now considering sharing a property to cover the cost of the rent.

IMAGE SOURCE: ZOOPLA /(Anthony Devlin/PA)  (PA Archive)


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