RENTERS in Yorkshire and Humberside are facing soaring bills, according to a new survey.

This month's HomeLet Rental Index indicates Yorkshire rents have risen by two per cent in one month alone. Average rents are now £886 per calendar month (pcm). 

Experts warn that these trends are symptomatic of the UK’s rental crisis, which shows no sign of abating.

The increase works out at almost £20 per month extra being paid out by the average Yorkshire tenant.

These increases mean UK renters can now expect to pay 28.8% of their wages in rent. Despite the Bank of England predicting a drop in inflation, the data is showing that for Yorkshire renters, the situation only looks to worsen.

Across the country, rent has increased by 7.9% in the last year alone, and by 35.8% since pre-pandemic rates.

In Yorkshire, figures have increased by +9% in 12 months.

Andy Halstead, CEO of HomeLet and Let Alliance believes this could be a sign of worse things to come for the housing market in Yorkshire.

He says: “A trajectory like this could see rental prices increase by almost 20% over the next 12 months, which would be the equivalent of over £175 more being paid out each month by the average Yorkshire tenant. This puts the country in a clear ‘cost of renting crisis’ and the Government must act to provide landlords and tenants with the clarity they so desperately need.”

The news comes after the Renters (Reform) Bill recently passed a long-awaited third reading in the House of Commons before moving on to the House of Lords for consideration.

With landlords and tenants eager for clarity over the Bill’s key pledge to scrap so-called “no fault” evictions (Section 21 notices), its slow progress through Parliament only serves to prolong the current chaos within the private rented sector, according to Mr Halstead.

“Over the course of the last five years, since the scrapping of Section 21 notices was first mooted by the Government, the private rented sector has become increasingly more chaotic. While this is just one issue among many that fuels the chaos, ministers need to understand that uncertainty and delays to important legislation like the Renters (Reform) Bill create uncertainty. That leads to landlord churn and market volatility.

“This has reduced the available rental stock and driven up rents as more renters compete for fewer rental properties. Until a clear date for the abolition of Section 21 notices is confirmed, many more landlords are likely to lose patience and sell up altogether. This will only inflate rental prices further – a situation the country can scarcely afford.”

The full breakdown of rent increases, variances and rent-to-income ratios can be found on the HomeLet website at https://homelet.co.uk/homelet-rental-index