The recently released English Housing Survey reveals the number of people living within the private rented sector has almost doubled since the early 2000s. The private rented sector that was once seen as a last resort is a thriving market that’s an increasingly popular choice for people across the UK. The industry is growing, and will continue to do so.
The flexibility of renting a home means tenants are able to move into a new home within weeks. It’s an alternative housing solution for a range of people and it’s increasingly the preferred choice of many. There’s certainly been a shift in the demographic, expectations and lifestyle of tenants within the private rented sector.
Although the monthly figures show relatively little movement during the past three months, the latest HomeLet Rental Index’s quarterly and annual figures show rents within the private rented sector are growing at a much higher rate in the north than the south. Although rents are higher, it appears people are being drawn to the capital to take advantage of its job opportunities and lifestyle. Tenants in the south – particularly in the capital – are paying 10% more of their disposable income on rent than they were five years ago.
Key headlines, March 2014:
• The average cost of renting a home in the UK increased by 0.8% during March to &824 per month
• This is 6.5% higher than last year, and the largest annual increase since March 2011
• Although Greater London saw a 0.2% monthly decrease in average rents, the average cost of renting a home in the capital is 7.3% higher than the same time last year
• The average amount a tenant earns in the UK increased by 6.2% during the past 12 months to &29,000
*Source of data Homelet
Is renting for you? Do you have a property to let?
Find your nearest Hunters Lettings expert.