By Will Charley, Deputy Editor
Rent in Bristol has risen the second fastest in the UK, according to a study by property agent, Zoopla
Whilst the average national rent rose by two per cent, rent in Bristol rose by four-point-five per cent. The cost of renting in Leeds has also risen the second most in the UK, joining Bristol with a four-point-five per cent rise. However, rent increased the most this year in Nottingham, where it rose by five-point-four per cent.
The study looked at rental prices for private one to four-bed accommodation around the country, between October 2018 and September 2019. Zoopla also looked at how much people spent paying rent, as a proportion of their earnings.
Private accommodation in London City was proportionally the most expensive, costing 46 per cent on a renter’s average earnings. This was followed by Oxford (43.8 per cent), Brighton (42 per cent), and Cambridge (41.3 per cent). The average property in Bristol costs tenants 38.7 per cent of their earnings in rent - the fifth highest per cent in the country.
However, Zoopla’s study concluded that renting is becoming more affordable nationally, after the average percentage of earnings people spent on rent fell from 33.6 per cent in 2016 to 31.8 per cent in 2019. The study also found that the cheapest city to rent in was Hull, where the average tenants pay just 18.9 per cent of their earnings for rent each month.
Zoopla concluded that rent has increased the most in cities where demand has risen or where the rental supply is inadequate, whilst in places like Hull, rent is lower due to a lack of demand. The study also noted that rent has increased in cities with a significant student population.
Zoopla’s Rental Market Report looked at rents and earnings in 40 cities and 376 local
authorities, for the period from October 2018 to September 2019. More information can be found on their website.
Featured image: Unsplash / Toa Heftiba
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