The cost of renting in the UK has been on the rise for several years and it doesn’t look like it’s going to slow down in 2023. According to finance gurus, Finanze, rents are predicted to sky-rocket once again by nearly 13%. So it’s no surprise that the constant rent increases are causing tenants to grow concerned.

One of the most significant factors catapulting rent prices in the UK is the shortage of rental properties available. The Royal Institution of Chartered Surveyors (RICS), reported that the number of available rental properties has fallen to its lowest level in nearly 20 years. Simon Rubinsohn, the chief economist of RICS, stated that ‘the overall tone of the latest RICS Residential Survey is understandably more downbeat than previously’.

The shortage of rental properties has put upward pressure on rents as landlords can increase prices due to high demand. This trend is heavily noticeable in some of the UK’s largest cities. For example, London’s rental market has seen increases as high as 27%, not to mention Manchester’s private rental increases of 20%! Tenants just simply can’t afford it as pay is not keeping up with inflation.

We know that times are tough at the minute and it’s not just rent prices on the rise, the cost of living is squeezing those hardest in the rental market. We are constantly updating our property portfolio with key workers, mature postgraduates and working professionals in mind. With new properties come new opportunities for property guardians with prices at least a third cheaper than rentals in the open market.

It’s not an easy task to find affordable housing, but at Blue Door, we’re always on hand to offer you help with accommodation if you meet our criteria.