Buckle up renters, because the future of rental growth is about to take a wild ride! While supply and demand have long been the key players in the rental game, it's now all about how easily renters can afford to keep up with those ever-increasing rents.
Though demand for rental homes has slowed down from its peak, supply still hasn't caught up, which means one thing: rents are only going up, up, up. But, with rental demand 20% lower than last year, we're seeing a bit of a slowdown in rental growth with a current annual rate of 10.5% - still a hefty number!
If you're already a renter, you've probably felt the sting of rising rents, with average rents increasing £110 per month over the past year and new lets up by an average of £2,772 per year over the last three years.
So, what's next, you ask? Brace yourself for the affordability factor, which will wield more power in rental growth than ever before.
Keep those wallets and purses at the ready!
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