In some areas of the country, the cost of renting has gone up by as much as a massive 67% in the past decade
Rents out of London have soared by as much as 70%, new data has found.
Salford, Greater Manchester, saw the UK’s biggest hike over the past decade. There, the average monthly rent jumped from £636 in 2015 to £1,063 this year – a huge 67% rise.
A rental property in Bristol is now typically £1,763 per month – up from £1,082 in 2015 – a 63% increase, while in Leicester prices have climbed from £574 to £934, also a 63% rise.
In comparison, the London-based Royal Borough of Kensington and Chelsea was the priciest place to rent in Britain, but saw a relatively low increase of 27% over the same period, going from £2,685 to £3,418.
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Across the UK, rents surged by more than 37%, from an average of £938 in 2015 to £1,286 in 2024, found analysis of Office for National Statistics data by self-storage firm storagevault.com. Aberdeenshire bucked the national trend with a 14% drop in the cost of renting, from £952 to £822.
Storage Vault director Fraser Sutherland said: “The biggest surprise was that some areas had seen a fall in rental costs, as opposed to the rises we expected. Rises at the levels seen in this data aren’t sustainable. In a country which has seen wages stagnate for over a decade, already stretched budgets become impossible to manage with rental costs increasing by almost 70% in some areas.”
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He added: “When people become unable to afford increasing prices, ultimately it means they have to move further away from the areas their families, jobs and support networks are in.
“Moving frequently can also bring additional financial strain, as people need to pack up and transport or store their lives, until they can find a more permanent and affordable home.”
