Rents soar over 10 years by up to 72%

The rise in rents across England and Wales over the past decade shows that the most dramatic increase was for tenants in Salford, research reveals.

The findings from Tlyfe, a tenant app launched by OpenBrix, highlights that Salford’s rents grew by 72.4%.

The study, based on government data, shows average rents in England have climbed 44.4%, and are now £1,369.

Wales experienced similar growth at 43.9%, though rents remain lower at £777.

‘Renting has only gone one way’

Adam Pigott, the chief executive of OpenBrix, said: “The cost of renting has only gone one way over the last decade – and that’s up.

“Such is the consistent and overwhelming demand for rental properties that we find ourselves facing a severe crisis across the sector and one of the key factors causing this crisis is a lack of available homes to meet demand.

“Unfortunately, it doesn’t look as though this market imbalance is set to be addressed anytime soon and, if anything, we’ve seen more landlords exit the sector due to consistent legislative changes implemented by the government.”

He added: “It’s the nation’s renters who are left to face the consequences and, for many, the cost of residing within the private rental sector is simply too high, whilst those who are able to stomach it are severely hindered from saving and making the jump to homeownership.”

London’s rent rise

While London’s rent rise is notable at 40.9%, the East Midlands tops regional increases at 51.8%, followed closely by the East of England at 50.4%.

The North East saw the smallest jump at 33%.

Leicester follows Salford with a 70.7% increase, with Folkestone and Hythe, South Gloucestershire and Thanet also seeing substantial rises.

Bristol, Manchester, Ipswich, Tameside and Stevenage round out the top 10.

Every area saw rents increase

Within London, tenants in Brent saw the highest increase at 58.4%, placing it 25th nationally.

Even Hartlepool, with the lowest increase, saw a 14.3% rise.

Tylfe says that Every area in England and Wales experienced some degree of rent price growth.