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”.
