21 people are competing for every rental property, pushing rents higher according to property site Zoopla.
Zoopla, one of the UK’s leading property websites, revealed its latest Rental Market Report, sharing quite worrying statistics for further renters.
The number of homes to rent is 25% below pre-pandemic average.
This halt in new homes being available to tenants is due to stalled investment from private landlords.
Where there is a lack of new homes being built, there does seem to be focus on stabilising rental prices.
Rental growth for new lets currently stands at 5.4%, half the rate compared to a year ago, but still higher than the growth in average earnings of 5.1%
This statistic means that the rate our wages are going up is less than the rate rent is going up.
Meaning rent is becoming more expensive that we get in wages.
Looking at our BCP area, these figures aren’t much better.
In BCP, rent figures are £1,288 recorded in August of 2024, an increase of 10.1% from £1,170 from August 2023, says Office of National Statistics.
For an average full-time BCP salary, they make £2,700 a month according to a 2023 report from PlumPlot.
This means that 47.7% of our wages goes towards rent.
For many families, this fact is worrying.
Keep alert for our winter edition to see the initiatives the Government plan on utilising to help soften the blow of increased rent.