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Are you paying more to rent your home?

Rent prices are at a record high – £969 a month on average, according to Zoopla. For many renters, it’s almost impossible to move. Have your costs gone up?

I’ve spoken to several tenants who have tried to move in the past year or so. What all their stories have in common is this: it was hard. Much harder than it was last time they moved.

There are numerous reasons for this. First, there’s the cost. Duelling property portals Zoopla and Rightmove have both released data revealing the huge rent rises we’ve seen recently. 

Zoopla puts the average rent at £969 a month. That’s a huge 8.3% rise on last year. Rightmove has it even higher at £1,068 a month outside London, and a bank-breaking £2,142 in the English capital. 

These sky-high prices are bad enough if you’re house-hunting. But landlords can raise rents for current tenants too, meaning an unexpectedly large rental bill could be dropped onto you along with the rising costs of energy, food and pretty much everything else.

Why are rents rising?

It’s not just the price that has tanked many recent house searches. The demand for rental properties is growing too, and supply is extremely low since many landlords sold their properties earlier in the pandemic. 

Rightmove says tenant demand has grown 32% in a year, while supply is down 51%. You don’t need to be a stats whizz to catch that mismatch. 

House-hunting renters are feeling the consequences. While years ago estate agents used to inundate them with listings, driving them around on property viewing tours, it’s now hard to even get their attention. They know someone will take every flat. Unless it’s really awful or something. 

So if you’re a landlord and you put your property on the market to rent today, you have a captive audience refreshing Rightmove (or Zoopla) until something new appears. Some listings are reportedly being snapped up within seven minutes. 

We want to hear from renters

With the cost of living crisis underway, difficulty moving – especially to a cheaper property – is the last thing tenants need. 

What’s your experience with renting in the past year? Has your landlord put your rent up? Are you stuck in a small, expensive apartment when you need more space?

Have your relocation plans been thwarted? Let us know in the comments.

Has your rent gone up in the last six months?
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