Bristol is the third most expensive city in the UK when it comes to the price of renting a home, coming close behind Cambridge with London taking the top spot. With many renters now paying up to 35 per cent of their income towards rent, it is becoming increasingly difficult to cover the cost and a slowdown in rents is forecast.
This is according to Zoopla’s Rental Market Report published in December 2022, which states the average rental in Bristol is £1,254, Cambridge is £1,431 and London has an average of £1,879. The average rental rate in the UK last year was £1,051 per month with prices significantly higher in the south with an average rent of £612 in the north east.
Single renters in the UK now spend over a third of their income on rent and if the rents continue to increase at the same pace as in the last year, rents are set to become unaffordable, according to Zoopla. This would mean 37 per cent of income going towards rent and Zoopla’s report said, “This is not likely or feasible and we expect the growing unaffordability of renting to hit spending power”.
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Rental affordability is now at its highest level for a decade and this comes as households feel the big squeeze from other steep hikes which are taking a hefty slice out of salaries, such as electricity and gas. “There’s only so much renters can afford to pay,” said Zoopla, forecasting a slow in rental growth from 12 per cent in 2022 to five per cent during 2023.
The increase in the mortgage rate has also seen many potential home buyers pulling back and continuing to rent, which has added to the demand for rentals which is still outpacing supply in most areas across the country. Looking forward to the 2023 rental market, Zoopla’s report said with continuing demand, renters were likely to downsize or share homes to spread costs, while young people will remain living in their parents homes.
According to Home.co.uk last week, the average rent in Bristol was £1,738, although other letting agents said the average rent in Bristol was in the region of £1,500. Higher average prices can be pushed up artificially with prices of a few expensive homes entering the rental market. With the latest bidding wars among letting agents coming under scrutiny, calls for rent control have increased in Bristol as housing costs become increasingly unaffordable.
Taking a snapshot of the rental market, here is a Rent Summary by the Home.co.uk Property Search Engine for Bristol and areas close to the city. These are updated daily:
BRISTOL
Summary of properties for rent in Bristol
Properties for rent in Bristol by price
The site also provides a breakdown for certain neighbourhoods, listed below
LONG ASHTON
Properties for rent in Long Ashton by price
Kingswood
Properties for rent in Kingswood by price
Easton In Gordano
Properties for rent in Easton by price
KEYNSHAM
Properties for rent in Keynsham by price
AVONMOUTH
Properties for rent in Avonmouth by price
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