Rents steady five years on

It’s easy to get caught up with the narrative that it’s become more and more expensive to rent, however this isn’t necessarily the case.

At 28.3%, the proportion of gross income private renters in England and Wales spend on their rent is only marginally higher than 5 years ago.

In some areas renters are actually spending proportionally less than they did in 2015 on rent.

Over the past five years, average earnings of renters have risen by 8.8% while average rents have risen by 9.6%.

Average asking rents at the start of this year have increased and were up 2.6% year on year, and whilst a shortage of stock looks set to continue the increase of rents for the rest of the year.

If you’re looking for your next rental property then make sure you check out our current properties to rent.

Source: Dataloft

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