Where is rent rising the fastest?
Property website Zoopla, conducted a survey, which identified Nottingham, Leeds and Bristol as the areas where rent is rising the fastest. While on the other hand, Aberdeen saw the biggest fall.
Tenants moving into Nottingham paid 5.4% more than the previous summer. Leeds and Bristol also saw a similar rise over the same period at 4.5%: the only other two cities where rent surpassed the UK average.
Zoopla also stated that renting a home in the UK has become more affordable. One contributing factor to this is due to the increase in first time buyers in the property market; thus relieving some of the pressure in the rental sector.
The Aberdonian property market saw the average rent drop by 4.1%. This may be a direct result of the uncertainty and change in the local oil industry.
According to the Zoopla quarterly rental report Coventry and Middlesbrough also saw renting become cheaper.
Who is affected?
Almost 75% of 16-24 year olds and nearly 50% of 25-34 year olds rent from a private landlord. Additionally London is home to approximately one third of the total rental properties nation-wide, and, unsurprisingly has the highest national average for monthly rent.
The report suggests that in the UK, the average tenant will spend almost a third of their income on rent (31.8%). Excluding London, Oxford, Brighton and Cambridge were the areas where tenants dedicate the largest percent of their salary to rent. On the other hand, Hull, Bradford and Stoke appeared to be the most affordable places to rent, with tenants using the smallest proportion of their salary to pay for rent.
UK-wide rental prices are up by an average of 2% in the last year, which is about half the typical level of wage rises.
"Renting is more affordable today than the 10-year average. [An increase in] first-time buyers, 80% of whom exit the private renting sector to buy, has also moderated rental demand," said Richard Donnell, of Zoopla
"Rental affordability varies widely across the country, reflecting the relative strength of local economies."
In the UK it takes an average of 17 days to rent a home, this is from the time between it being listing and being removed. Last year this figure was at 19 days so it is showing encouraging signs on the whole.