Rent in Luton rises 10% in past year
Rent in Luton rose 10 per cent over the past year, new figures show.
It comes as Propertymark, a membership organisation for estate agents, warned the rental sector faces "sizeable challenges" with an average of 10 people wishing to rent each property currently available in the UK.
Provisional figures from the Office for National Statistics show the average private rent in Luton reached £1,172 per month in the year to March – up 10 per cent from £1,061 a year prior.
It was also up 32 per cent from an estimated £886 a month five years ago.
Data on rent prices is collected by the Valuation Office Agency from a variety of sources, including landlords and letting agents, with the aim of collecting data on approximately 10 per cent of the market.
Across the East of England, the average rent was £1,223 – rising 8 per cent from the year before.
St Albans had the highest rental cost in the region at £1,857 per month, while the lowest was in Great Yarmouth at £770.
Nathan Emerson, chief executive of Propertymark, said the rental sector continues to see "sizeable challenges from a magnitude of different angles".
He added: "We continue to see a considerable mismatch between supply and demand, with an average of 10 people wishing to rent each property currently available across the UK.
"In addition, we are seeing vast legislative changes that will affect how and if some landlords are able to continue operating within the sector.
"Throughout the last twenty years, renting a property has become enormously more popular with people, and it’s vital there is targeted support and investment in the sector to keep pace with ever-intensifying demand."
In March, the average private rent in Great Britain was £1,343 per month. This was £96, or 8 per cent, higher than 12 months ago.
Ben Twomey, chief executive at campaign group Generation Rent, said: "When we are forced to spend too much of our income on rent, the effects ripple across the rest of our lives. It means children are going to school hungry, and older renters can't afford to turn the heating on. High rents are trapping people in poverty and forcing them into homelessness."