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Bristol Post
Bristol Post
Business
Tanya Waterworth

How expensive is it to rent in Bristol and will rents rise in 2023?

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”.

Read next: Scarlet Lantern reduced in price after five months on market

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

Total properties for rent in Bristol:


785

Properties for rent in Bristol listed in the last 14 days:


273

Average * property rents in Bristol:


£1,763 pcm

Median * rent:


£1,500 pcm

Properties for rent in Bristol by price

No. of properties

Rent under £250 pcm

7

£250 to £500 pcm rent

11

£500 to £1,000 pcm rent

128

£1,000 to £2,000 pcm rent

418

£2,000 to £5,000 pcm rent

212

Rent over £5,000 pcm

9

The site also provides a breakdown for certain neighbourhoods, listed below

LONG ASHTON

Total properties for rent in Long Ashton:

8

Properties for rent in Long Ashton listed in the last 14 days:

1

Average * property rents in Long Ashton:

£1,644 pcm

Median * rent:

£1,600 pcm

Properties for rent in Long Ashton by price

No. of properties

Rent under £250 pcm

0

£250 to £500 pcm rent

0

£500 to £1,000 pcm rent

1

£1,000 to £2,000 pcm rent

5

£2,000 to £5,000 pcm rent

2

Rent over £5,000 pcm

0

Kingswood

Total properties for rent in Kingswood:

36

Properties for rent in Kingswood listed in the last 14 days:

12

Average * property rents in Kingswood:

£1,324 pcm

Median * rent:

£1,200 pcm

Properties for rent in Kingswood by price

No. of properties

Rent under £250 pcm

0

£250 to £500 pcm rent

4

£500 to £1,000 pcm rent

10

£1,000 to £2,000 pcm rent

17

£2,000 to £5,000 pcm rent

5

Rent over £5,000 pcm

0

Easton In Gordano

Total properties for rent in Easton in Gordano:

4

Properties for rent in Easton in Gordano listed in the last 14 days:

3

Average * property rents in Easton in Gordano:

£1,281 pcm

Median * rent:

£1,288 pcm

Properties for rent in Easton by price

No. of properties

Rent under £250 pcm

0

£250 to £500 pcm rent

0

£500 to £1,000 pcm rent

0

£1,000 to £2,000 pcm rent

4

£2,000 to £5,000 pcm rent

0

Rent over £5,000 pcm

0

KEYNSHAM

Total properties for rent in Keynsham:

6

Properties for rent in Keynsham listed in the last 14 days:

2

Average * property rents in Keynsham:

£1,445 pcm

Median * rent:

£1,400 pcm

Properties for rent in Keynsham by price

No. of properties

Rent under £250 pcm

0

£250 to £500 pcm rent

0

£500 to £1,000 pcm rent

2

£1,000 to £2,000 pcm rent

3

£2,000 to £5,000 pcm rent

1

Rent over £5,000 pcm

0

AVONMOUTH

Total properties for rent in Avonmouth:

5

Properties for rent in Avonmouth listed in the last 14 days:

4

Average * property rents in Avonmouth:

£1,149 pcm

Median * rent:

£1,100 pcm

Properties for rent in Avonmouth by price

No. of properties

Rent under £250 pcm

0

£250 to £500 pcm rent

0

£500 to £1,000 pcm rent

2

£1,000 to £2,000 pcm rent

3

£2,000 to £5,000 pcm rent

0

Rent over £5,000 pcm

0

Read next:

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The salary you will need to earn to buy a home in different areas of Bristol

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