Rents soar by up to 41% in five years

Bristol is the most expensive city to rent a property in England with tenants paying 41% more than they did in 2018, a study reveals.

The research from Zero Deposit looked at how rents have changed across the country in the past five years.

It found that the average rent in Bristol is now £1,513 per month, up from £1,074 in 2018.

That’s well above the national average of £960 per month, which has increased by 13.7% in the same period.

The firm says the rise in rents is down to inflationary pressures on energy and mortgages – and a shortage of rental supply to meet the demand from people moving to the city.

‘Tenants are struggling with rental affordability’

The firm’s chief executive, Sam Reynolds, said: “Tenants are struggling with rental affordability, and with huge increases to the cost of renting in cities like Bristol and Liverpool, it’s easy to see why.

“Even in areas where rents have fallen, the cost of securing a property remains extremely expensive.”

He added: “In the past few years the market has been rocked by rising energy costs and mortgage rates, while the lack of supply to meet demand is also serving to push up prices in previously affordable regions.

“This means that those reliant on the rental sector in order to live can face incredible competition when searching and an even larger financial barrier when it comes to placing a deposit and covering the asking rent on a monthly basis.”

City where rents have skyrocketed in the past five years

Bristol is not the only city where rents have skyrocketed in the past five years as Gloucester, Mendip, Liverpool and Norwich have also seen rents increase by more than 30% to be among the fastest growing regions in England.

Gloucester rents have jumped by 38.2% to £861 per month, Mendip rents have risen by 33.6% to £922, Liverpool rents have grown by 33.1% to £775 and Norwich rents have climbed by 31.9% to £866.

On the other hand, some of the priciest regions in England have seen rents fall or stagnate in the past five years, especially in Surrey and London.

The biggest drop in rents

The research found that Elmbridge in Surrey has seen the biggest drop in rents, by -21.6%, but it still remains one of the most expensive areas to rent, at £1,554 per month.

Guildford in west Surrey has also seen a slight decrease in rents, by -3.8%, to £1,265.

The average rent in London is still higher than any other region in England, at £1,697 per month but four areas have seen rents decline: City of London (-8.1%), Richmond upon Thames (-6.5%), Kensington and Chelsea (-3.9%) and Brent (-2.9%).