The latest research by the rental platform Ocasa reveals that the cost of rent in the UK is set to drastically increase.
The annual cost of renting has increased by £1,032 since last year yet in just 12 months, the average UK tenant could be paying £800 more a year in rent.
Ocasa also analysed the difference in forecasted rental price hikes across different parts of the UK.
Variations in the annual cost of rent across the UK
The capital of England comes in the first place as tenants in this location are predicted to pay the highest rental prices. The average London tenant currently pays £21,140 per year yet Ocasa also estimates that over the next 12 months the capital’s tenants will see this cost increase by a further £1,140 per year.
In the North West tenants pay around £10,452 per year in rent, yet, Ocasa predicts that this could increase by £1,504 next year.
The third-largest hike in the annual cost of renting is predicted across the East of England. This would mean that rents are predicted to climb by £898 which is the equivalent of £13,426 per year.
In the, while Ocasa estimates that in the South West annual rental costs will rise by £790, South East rent will increase by £750, and tenants in the East Midlands will pay £717 more.
Ocasa’s spokesperson concludes: “Despite a rather unsettled rental market landscape as a result of the pandemic, the average UK tenant is still paying over a thousand pounds more a year versus just 12 months ago.”
“This cost is set to climb even further over the next 12 months and this will be particularly concerning for those residing within the sector.”
“Renting is already the most substantial outgoing they face but in recent weeks, many will have also seen their finances squeezed by the increasing cost of living.”
“When you add an increase in rental costs to this mix, it paints a very bleak picture for the year ahead.”