The average rent has doubled in the past 10 years, according to data published by housing experts Rentology, a site that tracks rental trends.
The rise in average rent is also linked to a growing proportion of households having two or more households.
“The trend of the last 10 years has been very, very strong in that you’re seeing an increasing number of people having two households,” says Mark Porter, the chief executive of the Property Council.
Average rent rose by a third in the year to June, to £1,974, from £1.1 million in the previous 12 months. “
It’s not a good sign for renters, but it’s good news for tenants, who are more likely to be on a fixed-term lease.”
Average rent rose by a third in the year to June, to £1,974, from £1.1 million in the previous 12 months.
“This is a very significant jump from a year ago, and a lot of it is down to the rise in the cost of living,” says Porter.
“And of course it’s been driven by higher rents, so that’s certainly going to drive up the rent.”
Some factors driving this trend include the introduction of a national rental discount scheme in 2014, which saw rents increase by more than half.
In 2018, there were just 5,821 two-bedroom flats for rent in England, compared with 4,942 in 2020, according the latest data.
However, some landlords are taking advantage of the discount.
The average price of a two bedroom in the capital is now £1m, up by £200 from 2020.
And the average rent for one-bedrooms in the city has risen by more $500 in 10 years.
“We have seen the increase in rents in London,” says the Property Counselor.
“I think that’s a reflection of how the market has changed over the past few years.
But it’s also a reflection that there are lots of empty houses that are in the market and we’ve had the vacancy problem.”