It doesn't take a property expert to realise that rental prices for homes across the city and county are on the rise. However, just how much they are rising and how much it now costs to rent a home in Nottingham and the surrounding county is another question.
Zoopla's latest analysis confirms what many are thinking, costs are on the up, but they go further and state that rental unaffordability for single earners has hit its highest level for over a decade. The property website is now calling for new investment in the rental sector.
This gloomy picture was highlighted in the firm's Rental Market Report, published at the end of last year. And the picture for the start of 2023 doesn't look much cheerier, as the analysis suggests rents show no sign of slowing.
Across the UK, the average rent for a new letting increased by £117 per month during 2022, reaching an eye-watering £1,078 per calendar month - and accounting for 35% of the average income of a single earner. Of course, this is the national figure but it is still the highest level in over a decade and is exacerbated by the chronic demand and supply imbalance with the stock of homes for rent down 38% in comparison to the 5-year average and down 4% in comparison to last November.
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According to Zoopla, in stark comparison, rental enquiries per estate agency branch are 46% above the 5-year average with rental demand being further boosted by rising mortgage rates, which is limiting access to homeownership for first-time buyers.
More locally, in the East Midlands, the average rent for new lets increased by 10%, just below the national average, and in the same year-long period reached £774 per calendar month. This accounts for 28.1% of the average income of a single earner.
Narrowing those figures further, in Nottingham, average rents reached £851 per calendar month, up 11.9% and accounting for 30.8% of the average income of a single earner.
Richard Donnell, executive director at Zoopla said: “Renters are paying the price for low levels of new investment in private rented housing over the last six years. A chronic lack of supply is behind the rapid growth in rents which are increasingly unaffordable for the nation’s renters, especially single-person households and those on low incomes. Many are also staying put to avoid the worst of rent increases.
“Renters are having to adopt a range of strategies to deal with rising rents. We have seen a rapid increase in demand for 1 and 2-bed flats while some renters are now considering sharing a property to cover the cost of rent. Others may now need to stay at home with parents or relatives for longer until they can afford to rent privately. "
Rental costs for areas of Nottinghamshire
The average rental price for our area has now reached £851 per calendar month, according to the latest figures. This is an average, so some areas of Nottinghamshire are lower than these figures, others are higher. Here's how it breaks down.
| Area | Average rent PCM | Annual rental price change | Annual rental price change |
| Mansfield | £643 | 9.70% | £60 |
| Ashfield | £669 | 9.90% | £60 |
| Bassetlaw | £628 | 8.40% | £50 |
| Newark and Sherwood District | £692 | 7.10% | £50 |
| Broxtowe | £860 | 10.20% | £80 |
| Gedling | £786 | 12.60% | £90 |
| Rushcliffe | £928 | 8% | £70 |
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