Which Regions Rents Are Increasing Quickest?

admin | July 23, 2015

regions rents Since 2004 the private rental sector has almost doubled, with just under 20% of homes in England now being rented out by landlords to private tenants. In the rest of Europe it may be more common for people to rent flats and houses but, as the old saying goes: “an Englishman’s home is his castle.”

Clearly that is quickly becoming a more outdated phrase (especially as it should be “an English person’s home…” to keep up with our increasingly equality focussed world). Homelet conducted some research into the rental sector across all of England and discovered the areas where rent is increasing at the quickest rates.

South West

The third highest average rent for the country, it also features one of the best average incomes for citizens in the south west, which makes renting in the region vaguely affordable. People renting homes in the likes of Bristol and as far down to Plymouth saw their rent costs shoot up by just over 13% from last year.

The better income is reflected in the higher life expectancy experienced by people living in the area, especially compared to those up north. Homes may be cheaper in the midlands and further north but the relative income makes it harder to afford rents.

South East

The south dominates the top few places for most expensive renting locations in England in relation to earnings, with the lower eastern side just behind its western counterparts. The average rent in the region is the second highest but a much larger average income evens things out. In places such as Hart, Winchester and Epsom a much longer life expectancy exists too.

London

It may seem odd considering London has one of the most expensive streets in the world to rent a property on but the capital has the third highest growth of rental costs for its properties. Of course it has the highest average rental prices of just under £1500 a month and incomes around £39k, but it would still have been expected to top the list.

The Rest

The North West has the lowest annual variation in rent of 2.1%, which is enticing more people to move there along with the government’s constant talk of creating a northern powerhouse. The East Midlands isn’t far behind with just a 3% increase but that’s still a long way behind southern regions. The West Midlands 6.9% annual variation in rent is closer to London but doesn’t look to ever catch up.