Rental Market Squeeze: London and Manchester See Sharpest Increases
New figures from property portal Zoopla have exposed a dramatic surge in rental prices across the UK, with London and Manchester bearing the brunt of the hikes. The data paints a worrying picture for tenants already grappling with the cost-of-living crisis.
Where Are Rents Rising Fastest?
The analysis reveals:
- London remains the most expensive place to rent, with average prices now exceeding £2,000 per month in many boroughs.
- Manchester has seen the sharpest year-on-year increase outside the capital, with rents up by over 15%.
- Other major cities including Birmingham, Bristol, and Edinburgh have also recorded significant jumps.
What's Behind the Surge?
Experts point to several key factors:
- A chronic shortage of available rental properties
- Growing demand from young professionals and students
- Landlords passing on increased mortgage costs
- The post-pandemic return to city living
"The rental market is caught in a perfect storm," explains property analyst Sarah Wilkinson. "With fewer homes available and more people competing for them, prices are being pushed to record levels."
What Does This Mean for Tenants?
The relentless rise in rents is forcing many tenants to:
- Consider moving to cheaper areas
- Downsize to smaller properties
- Spend larger portions of their income on housing
- Delay saving for home ownership
With no immediate relief in sight, the situation highlights the growing affordability crisis in the UK's rental market.
