The nation’s five million renters haven’t always had it easy. But things are changing, as our new Rental Market Report reveals.
In the market for a new rental home any time soon? We’ve got some good news for you.
The report focuses on the private rented sector – that means homes for rent on the open market – and is packed full of data to help you during every stage of your rental journey.
We've pulled out four key data points from the report to create this interactive map (below). It will help you understand how the market is performing – wherever you're looking to rent.
You can search by area or local authority.
How can the map help me?
You can use the data to inform decisions throughout your entire rental journey. For example:
Yet to begin your rental search?
Take a look at our rental affordability data. It shows the average proportion of a single income (gross) that’s spent on rent in your local authority.
Started on the viewings?
Check out the average number of days a rental home stays on the market in the area, compared to the GB average of 17. It will give you an idea of how fast you’ll need to act when you find a property you like.
Found an ideal rental home?
Compare the monthly rental cost against the average for the area. If it looks out of kilter, don’t be afraid to negotiate.
Already a tenant?
If the renewal of your tenancy agreement involves a rent rise, cross reference it against rental price changes in the area over the last 12 months.
A universally better market for renters
Our Rental Market Report lands at what's already a good time for renters.
Even if your last move was fairly recent, there’s been some major changes to the private renting sector since then which could make your next move both easier and cheaper.
In June for example, upfront fees charged to tenants were banned completely.
Deposits have also been capped at five weeks’ rent in the vast majority of cases.
No more rusty boilers or ill-fitting windows either, as landlords must now demonstrate a minimum ‘E’ grade on the home’s Energy Performance Certificate (EPC).
There’s evidence too that the treatment of renters is being increasingly brought into line with that of their homeowning counterparts.
For example, you can now opt to have a record of timely and reliable rental payments included in your credit score in the same way as ‘well-behaved’ mortgage payers do already automatically.
Currently this is only possible with Experian – but that’s the UK’s largest credit reference agency, so when it comes to applying for a mortgage of your own, there’s a good chance the lender will be looking at its records.
And the days when a rental deposit was entirely at the mercy of your landlord, are long gone.
Government’s tenancy deposit schemes (TDS), which safeguard your cash and offer an independent resolution service in the event of a disagreement, were introduced way back in 2007.
Need more renting guidance and tips?
Start with this list of 11 must-ask questions to put to a letting agent or landlord on a rental viewing.
And if the rental market in your area is super-busy, here are some legitimate ways to bat off competition from other renters.
In fact, being pipped to the post is up there with renters’ top five pain points, according to our recent in-house research. Find out more about these and – most importantly – how you can overcome them.