- Rents rose as much in 2023 as they did between 2016 and 2020 combined
- But will they grow at the same pace in 2024?
Average monthly rents jumped 10.2 per cent in 2023, equivalent to all of the increases between 2016 and mid-2020 combined. If you are among the 19 per cent of households renting, this won’t have passed you by.
The increase has left the average new tenant spending £343 a month more, and analysts at Hamptons think that “most landlords and tenants have never experienced a rise in rents like the surge of 2023”. But change could be on the horizon: economists expect rents to fall (or at least moderate) this year.