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Rents soar by almost half since 2014 - deposit service’s latest claim

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Thu 28 Mar 2024

Rents soar by almost half since 2014 - deposit service’s latest claim

A deposit alternative service claims rents have risen an average 46% in the last decade.

Zero Deposit claims it’s analysed rental market data, looking at the number of renters across the UK, average cost of renting, the increase in the number of tenancy deposits held for UK tenants and the total value of these deposits.

It says there are currently over 5m deposits held across the UK, a 66% increase on the 3m held a decade ago. This number has climbed by 5% in the last year alone, having also increased by 5.5% between 2022 and 2021, the highest rates of annual growth seen since 2017. 

By contrast in 2023 there were an estimated 5.22m rental homes across the UK, an annual reduction of 0.3% and down -

3.1% versus the peak of 5.38m in 2017. 

As a result, rental prices have spiralled. 

The latest figures show that the average monthly rent climbed to £1,232 in 2023. This marked a 9.7% increase on the previous year, with the average rent also increasing by 9.7% between 2021 and 2022 and by 5.8% between 2020 to 2021. 

Sam Reynolds, chief executive of Zero Deposit, states: “Reliance on the rental market has been growing consistently over the last decade, however, demand for rental homes has exploded in recent years as soaring house prices have forced many to postpone purchases.

“We simply don’t have an adequate supply of quality rental accommodation to satisfy this surge in demand and the consequence of this market imbalance has been a huge acceleration in the cost of renting.”