Rental market update: Tenants paying an extra month's rent per year after latest rises 💹
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Rents jumped 9% in the last year, adding £1,200 - a month’s worth of rent to the average annual bill 📈
Key takeaways from Senior Property Researcher Izabella Lubowiecka at Zoopla:
🔹 A 9% rise in average monthly rent has added £1,200 to the average annual bill since this time last year
🔹 Renters are now paying £1,200 per month on average, ranging from £672 in the North East to £2,128 in London
🔹 Rental growth slowing to single digits is a sign we're past peak growth after nearly two years of 10%+ increases
🔹 Scotland continues to register the highest rental growth despite rent controls
🔹 London and the South of England are seeing rent growth slow the most as rents hit an affordability ceiling
🔹 We expect a further slowdown in rental growth in 2024 as worsening affordability keeps demand in check
The table below shows how much rents for new lets have increased across the UK in the last year:
📩 For more stats and detail on the rental market, read full article from Zoopla by clicking here 📩
If you have any questions about the Rental Market here in Nottingham, email 10+ year Lettings expert Lisa for the best advice (lisa.dahl-parsisson@cavendishproperty.co.uk) 📧
📸 Lisa Dahl-Parsisson: Head of Valuations and Asset Management at Cavendish Residential 📸
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