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Kevin Peachey has reported that the cost of renting a home has increased by £221 over three years, according to property portal Zoopla. This rise in rental prices has led to tenants making career decisions based on the cost of rent in certain areas. Some parents are also finding themselves financially supporting their adult children due to the high living costs.
The rate of rent increases has slowed down, especially in urban areas, although the cost of renting has been steadily rising. Data analysis by Zoopla indicates that new tenancies are now 21% more expensive, equating to around £221 extra per month compared to three years ago, with the average monthly rent standing at £1,283 this spring. As a result, some renters are facing the dilemma of having to move or decline job opportunities due to unaffordable rent prices.
Renters are feeling the strain of high living costs, as exemplified by Neysa Killeen, a musical theatre worker who had to reject job offers because the wages were insufficient to cover rent. Financial burdens are also affecting families, with parents like Karen stepping in to support their grown children who are struggling to afford rent. More parents are becoming guarantors for tenancies, demonstrating the increasing pressure on renters in today’s market.
While Zoopla data shows a slowdown in the growth of rents, particularly in cities, rental prices are still sharply rising in more affordable areas near major urban centers. Despite relatively steady house prices, both renters and homeowners are facing challenges due to escalating rent and mortgage costs. Renters especially are finding it difficult to make ends meet, making homeownership an unattainable dream for many individuals. Policymakers are urged to address the shortage of affordable rental homes to provide more options for lower-income renters
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