Rent has increased across the country in the last year, with one area seeing rental prices soar by 30 per cent.
The latest research by Zero Deposit, the tenancy deposit alternative, has revealed which areas have seen the largest rental hikes over the last 12 months, with one area seeing the average rent increase by just over 30 per cent in the last year alone.
Zero Deposit analysed the latest rental market data*looking at the cost of monthly rent across each area of Britain and how this has changed over the last 12 months.
The figures show that, across Britain, the average monthly cost of renting has increased by 8.7 per cent over the last 12 months. On a regional level, London has seen the largest jump at 10.4 per cent, whilst Yorkshire and The Humber has seen the lowest increase at 5.8 per cent.
However, when breaking the market down at local authority level, Zero Deposit has revealed that some areas of the rental market have seen a far more notable hike in rents in the last year.
Nowhere more so than the London Borough of Brent, where the average cost of renting has climbed by 30.1 per cent.
Across Nuneaton and Bedworth, in the West Midlands, tenants are now paying 16.2 per cent more a month versus just a year ago.
Folkestone and Hythe in the South East has seen a 15.8 per cent jump, while the East Midlands accounts for two of the top five largest rental market increases, with Harborough (+15.7 per cent) and Hinckley and Bosworth (+15.4 per cent) seeing considerable jumps.
The research also shows that there are no less than another 71 local authorities where rents have climbed by 10 per cent or more in the last 12 months alone.
What’s more, just one area of the market has seen the average cost of renting reduce. Rents across West Lindsey in the East Midlands have fallen by -1.7 per cent over the last 12 months.
Sam Reynolds, CEO of Zero Deposit commented saying:“Rents have continued to climb over the last year, driven by a far higher level of tenant demand than there are homes to satisfy it and, in some areas, the increase in the monthly cost of renting has been substantial, to say the least.
It’s not just the monthly cost of renting that will prove problematic for many, simply securing a property can be a challenge due to the high initial cost of a traditional tenancy deposit.
The good news is that there are alternatives to a cash deposit available, with the upfront cost starting at just £7.50** plus Setup Fee compared to a sizable cash outlay. This allows tenants to make their move without having to fund their deposit through borrowing or lending.”
