The cost of renting has soared by as much as 63% in the last 10 years – here are the best and worst areas
Renters have seen their housing costs rocket since 2008, new research has found, with one area of London having seen rent prices swell since 2012. And commuter belt areas like Hemel Hempstead and Dartford have also risen in price and popularity.
HACKNEY in east London has seen Britain's fastest growth in rents in the last 10 years, a new study has revealed.
Since 2008, the cost of renting a two-bed home in Hackney has surged by nearly two-thirds (63 per cent) to £1,755 per month, Rightmove found.
As well as becoming a hipster hotspot, Hackney's appeal has been enhanced by the 2012 London Olympics effect, the report said.
London boroughs dominated the list of places with the fastest growth in rents, with a 59 per cent increase in Hammersmith and 52 per cent in Walthamstow.
Rightmove's housing market analyst Miles Shipside said: "Hackney has seen pretty heady increases in both asking rents and house prices in the area over the past 10 years, as it has been transformed from a cheaper location into a more popular and higher-priced address.
"Its rise has been enhanced by the 2012 Olympics effect and improvements to transport links with rents peaking in the second quarter of 2016 and plateauing in recent years."
Just outside London, commuter belt areas such as Dartford, Gillingham and Hemel Hempstead have seen particularly large rises in rents, Rightmove found.
There have also been some big increases in Scotland, with Dundee and Edinburgh on the list of places outside London which have seen the biggest rises.
Renters looking to see their money go further may want to consider Burnley, Barnsley or South Shields, where tenants could rent around four two-bedroom homes for the price of one in Hackney.
Swansea and Kilmarnock are also among the places where Rightmove found it is still relatively cheap to rent.
More on money
Mr Shipside said: "Although the growth in asking rents has slowed over the past few years, people new to the rental market or those looking for a bigger property could find that they need to look further out than their initial wish-list of places, especially in the bigger cities around the country.
"A look at the first few months of this year shows the usual seasonal trend of asking rents falling slightly compared to the last quarter of last year, but we're likely see a rise again next quarter.
"London asking rents remain flat compared to this time last year, a sign that we are highly unlikely to see the same big increases over the next 10 years that we've seen in some areas in the capital over the previous 10 years."
Rent haggling: top tips
HERE are some tips on how you can try and get your rent reduced by speaking to your landlord.
- Get your paperwork and finances sorted in advance so you know what you can afford to pay and what you can’t
- Do a bit of research into comparable rents so that you have some leverage when it comes to haggling with your landlord
- If your landlord wants to put the rent up ask if you can have a conversation about improvements to the property
- If your landlord is unwilling to keep the rent the same, ask if they can meet you half way, or knock just a bit off each month
- Landlords fear bad tenants just as much as tenants fear bad landlords. Being a reliable tenant is a valuable asset.
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