Across the UK, there has been an average increase in rent by 8.0 per cent in the past year according to Zoopla.
This comes during the cost of living crisis, spiralling inflation and stagnated wages, which has driven many young adults to move back in with their parents.
But what about those who are incapable of moving back home? Add Living, a property management company based in Leeds, has crunched the figures to discover the answers.
Olly Roberts, a surveyor at the firm, says: “It is an exceptionally hard time for renters across the UK – so anyone struggling to afford a relocation should be kind to themselves. The number of people privately renting has doubled in the past two decades due to similarly high house prices, so it’s no wonder demand is so high.”
|
City |
Average Rent in 2022 |
Average Rent in 2023 |
% Change |
1 Year’s Rent (2023) |
|
London |
£1,300 |
£1,550 |
19.20% |
£18,600 |
|
Cardiff |
£889 |
£1,043 |
17.30% |
£12,516 |
|
Glasgow |
£720 |
£844 |
17% |
£10,128 |
|
Leeds |
£792 |
£916 |
15.60% |
£10,992 |
|
Manchester |
£856 |
£987 |
15% |
£11,844 |
|
Edinburgh |
£990 |
£1,133 |
14.40% |
£13,596 |
|
Bristol |
£1,145 |
£1,298 |
13.40% |
£15,576 |
|
Nottingham |
£797 |
£902 |
13.20% |
£10,824 |
|
Southampton |
£916 |
£1,035 |
13% |
£12,420 |
|
Newcastle |
£659 |
£745 |
13% |
£8,940 |
|
Liverpool |
£673 |
£758 |
12.60% |
£9,096 |
|
Cambridge |
£1,296 |
£1,440 |
11.10% |
£17,280 |
|
Birmingham |
£767 |
£849 |
10.70% |
£10,188 |
|
Sheffield |
£687 |
£747 |
8.70% |
£8,964 |
|
Aberdeen |
£595 |
£636 |
6.90% |
£7,632 |
|
Belfast |
£679 |
£702 |
3.40% |
£8,424 |
Source: AddLiving
House prices rising sustainably (at least until the Budget…)