UK households are facing a cost of living crisis this year caused by rising inflation and an increase in energy prices and taxes. And for those who rent, there is even more bad news. Recent figures show that the average cost of renting a home has risen significantly over the past year and is on the verge of hitting the £1,000 a month mark.
In this article, I’ll tell you the cities where rent prices are the highest right now and also give you a few tips on how to deal with the rising costs of renting.
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What has happened to rents in the past year?
According to the latest UK Rental Market Report from Zoopla, UK rents have risen by an average of 8.3% over the past year. Across the UK, the average monthly rent in the fourth quarter of 2021 was £969, which Zoopla says is a new high.
This essentially means that rents are now £62 per month (or £744 per year) higher, on average, than at the beginning of the pandemic.
Which are the most expensive cities right now?
According to Zoopla, demand for rental properties in cities has bounced back in the last couple of months. The reopening of offices, the return of students and the easing of global travel restrictions have released pent-up international demand.
The figures from Zoopla show the five most expensive UK cities to rent in right now.
|
Rank |
City |
Average rent |
|
1 |
London |
£1,640 |
|
2 |
Bristol |
£1,119 |
|
3 |
Edinburgh |
£974 |
|
4 |
Southampton |
£908 |
|
5 |
Cardiff |
£872 |
Meanwhile, here are the five most expensive regions to rent in.
|
Rank |
Region |
Average rent |
|
1 |
London |
£1,640 |
|
2 |
South East |
£1,089 |
|
3 |
East of England |
£963 |
|
4 |
South West |
£897 |
|
5 |
West Midlands |
£728 |
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How can you cope with high rents?
If your rent has recently gone up or if you are expecting it to go up once your current lease expires, there are a couple of things you can do.
1. Negotiate any rental increase
A smart landlord doesn’t want to lose a good tenant who pays their rent on time. After all, filling vacancies takes time and money. Remind your tenant of your good qualities as a tenant. Present them with research that shows what comparable rentals are going for.
Doing this can help you stave off a potential rent increase or, at the very least, help you reach an acceptable compromise with your landlord.
2. Get a housemate
Living alone has its benefits, but from a financial point of view, it’s a luxury that you can potentially give up.
Renting a larger space with one or two housemates may allow you not only to save money on rent but also to get more house for your money.
3. Reduce your expenses
If you are facing higher rent, you might be able to accommodate the extra cost by cutting back on your expenses. Examine your budget to see if there is anywhere your outgoings can be reduced.
This could mean switching to more energy-efficient appliances or remembering to turn them off when you can to save on electricity costs, grabbing a takeaway less frequently and reducing the number of streaming subscriptions you have.
You may also be able to save money on other expenses, such as car insurance, by comparing quotes from different providers and finding a better deal than the one you currently have.
4. Find a side hustle
Of course, the best way to deal with an increase in your household expenses, including rent, is to increase your income. If you have a few hours to spare each week, you can pursue a meaningful side hustle that could provide you with extra money to put towards your rent.
These days, there are endless side hustles to choose from. The key is to find one that you can effortlessly fit around your existing schedule. Some top options to consider include driving for a ride-hailing company in the evenings, babysitting or pet sitting, and doing freelance work online.
