13 Jul 2022

New research by rental platform, Rentd, shows the average price of rents continued to climb in England since the start of the pandemic.

During the peak of Covid-19 many tenants no longer prioritised city homes as offices closed, there were eviction bans, and social distancing measures were in place.

Yet the widespread reduction in income for many tenants meant that demand for rented homes was significantly reduced. This also caused the value of rent to decline.

Rent increases and decreases across England

Rentd report that the average rent price across England is 9.8% higher than it was at the start of the pandemic. The latest data shows In March 2020, the average monthly rent was £843. With rent currently costing £926 per month, tenants can expect to pay roughly £83 more.

The East of England has the biggest increase as rent has increased by £88 per month (10.2%). 

Gloucester rent is up 28.5%, from £649 to £834, Tewkesbury, Gloucestershire, is up 27%, Rutland in the East Midlands (24.1%), and Mendip, Somerset (19.6%).

58% of London’s rental market has seen values increase while the overall London average has dropped by -0.9%.

Areas in England with some of the biggest declines include City of Westminster (-22.6%), Exeter (-20.4%), the City of London (-18.0%), Camden (-13.1%), and Brighton & Hove (-11.0%). 

The biggest rise is reported in Kingston-upon-Thames where monthly rent has increased by 16.3%, from £1,306 to £1,519.

Founder and chief executive officer of Rentd, Ahmed Gamal, concludes: “Things looked bleak for the rental market during the pandemic and a drop in demand caused rental values to plummet, particularly across our major cities.”

“But with so many reliant on the rental sector a return to normality was always going to rejuvenate the market and that’s exactly what we’ve seen in recent months.”

“Even in London where the media was giddily reporting a mass exodus and subsequent collapse in rent value, the market has bounced back with remarkable fortitude and while some central boroughs are yet to recover fully, the rental market as a whole is starting to look very much like its old self again.”

Link to original article

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