People living in the UK's most deprived areas have experienced a 52% rent increase over the past four years, while tenants in the wealthiest regions have seen their rents rise by only 29%, according to new data from estate agent Hamptons.
In 2019, renters in deprived areas paid an average of £499 per month, which has surged to £759 by 2023. In contrast, those in the most affluent districts paid an average monthly rent of £1,078 in 2019, which increased to £1,387 this year.
These statistics illustrate the intersection of Britain's ongoing housing crisis with the cost-of-living challenge, as rent, mortgage rates, and increasing expenses for food and energy strain household incomes. Renters are disproportionately affected, with a higher likelihood of falling into poverty. The Joseph Rowntree Foundation's 2022 annual poverty report reveals that one-third of private tenants, equivalent to 4.2 million individuals, are living in poverty due to the combination of steep housing expenses and limited incomes.
Nearly half (46%) of private renters in poverty attribute their financial hardship to the burden of housing costs