Zoopla says UK rents have risen by £3,240 since the pandemic

The average annual rent for a new rented property is £3,240 more expensive than at the end of the coronavirus pandemic, according to data from Zoopla.

Rents started rising in 2021 due to high demand from tenants and limited number of available properties after the lockdown was lifted.

Annual rental costs have increased by 27% over those three years, while average earnings have increased by 19% over the same period.

However, the rate at which rents are rising is now the slowest in three years, the property portal said, as potential tenants face limits on how much they can spend.

Tenants have faced a “red-hot” market in recent years, with many potential tenants pursuing every available property, and high demand causing rents to rise. Demand is about a third higher than before the pandemic.

This has led some applicants to pay months’ rent in advance, or write CV-style letters to agents, to try to get ahead of the competition.

Zoopla said there are signs of this market cooling down.

But those with the cheapest areas to afford the least may now face the steepest rent increases.

“There are more renters than homes to rent, with people looking for the best value for money,” said Richard Donnell, executive director of research at Zoopla.

“Within cities, rents at the lower end of the market are generally rising faster.”

This can affect low-income people as well as students.

Blythe Elling, a University of Brighton student who works a part-time job alongside her studies, spends more than £1,000 a month renting a room in a flat.

He recently told BBC That housing took up “almost all my student loans.”

“It costs me virtually no money,” he said.

On average, rents for newly rented properties are now 3.9% higher than a year ago, Zoopla said.

However, pockets of rapidly rising rents remained. Annual rental inflation was 10.5% in Northern Ireland, compared to 1.3% in London.

Among towns and cities, average rents are rising fastest in Rochdale (up 11.9% in a year) and Blackburn (up 10%), and Birkenhead (up 9%). Zoopla said tenants were looking for areas in and around major cities.

Zoopla tracks rents when homes become vacant and are rented out on the open market, which accounts for about a quarter of the rental sector.

The property portal has estimated that rents will increase by an average of 4% next year, with demand still exceeding supply.

This increase will partly result from landlords making fewer properties available.

The National Residential Landlords Association (NRLA) said 31% of landlords plan to sell rented properties in the next two years.

It wants changes and assurances in housing taxation no fault elimination rule,

Ben Beadle, chief executive of the NRLA, said, “Tenants need more choice. This means encouraging and supporting the majority of responsible landlords to stay and continue to provide decent quality housing.”

Agents say there are some simple ways to make it easier to secure a rental property, including:

• Start searching and sign up with multiple agents before the tenancy ends
• Have pay slips, job reference and previous landlord reference handy
• Build relationships with agents in the area, but be prepared to broaden the scope of your search
• Be sure of your budget and calculate how much advance you can offer
• Keep in mind that some agents preview properties on social media before listing them.

There are more tips Here and assistance with your rental rights Here,