The latest findings
The latest DPS Rent index reveals that across most of the UK, renters are having to spend a greater percentage of their wages on rent than this time 12 months ago. London renters are still seeing the highest percentage of their wages absorbed by rental costs, with the North East the most affordable.
Overall average rents in the UK continue to show the resilience they’ve displayed since the start of the pandemic, growing to £804 in Q2 2021, a rise of £4 (0.5%) on the last quarter and up £22 (2.81%) on this time last year.
“The figures for the second quarter of 2021 again suggest decreased demand for renting in London, particularly for smaller properties.
“Although average London rent increased slightly between January and March this year, the decline we’ve seen since reflects a broader trend of lower rents in the capital during the pandemic.
“The slight increase in average UK rents also reflects a continuation of the steady, general increase since Coronavirus arrived – particularly for semi-detached and detached homes.
“It seems likely that these figures reflect a continued desire among tenants to move away from cities, particularly because of changes such as homeworking, although with restrictions due to lift soon and with many companies making plans for a return to offices, we will have to see if the trend continues.”
Matt Trevett, Managing Director, The DPS
The largest and most reliable indicator of rental trends in the UK is here
In November 2017, we released the first ever DPS Rent Index TM. As the largest provider of deposit protection in the UK, we have a unique insight into the Private Rented Sector (PRS). Our database of domestic private rental prices across Britain is the largest of its kind. It's the most reliable indicator of rental trends in the UK. This means it can inform the rental housing market, shape public policy and investor decision-making, in the same way that house price indices do for the owner-occupied housing market.
Made with industry experts you can trust
We want to become thought leaders in the market and create an index that stands up to the highest standards of analysis and scrutiny. Working with leading economists, Professor Joe Nellis and Professor Catarina Figueira to produce the index gives us a trusted voice in the industry.
Since it was first published, the Rent Index has been quoted in Reuters, Property Eye and the New York Times.
A decade's worth of data - simplified
The DPS Rent Index TM contains the average monthly rent in 12 regions of the UK. This is then broken down into the various property types to give a fair view of how much a property costs to rent. There is also information on what percentage of their salary tenants spend on rent. All this came from analysing data from millions of properties across the country over the past decade.
Produced every quarter – keeping you informed
The elements that can make the rental market fluctuate are changing every day. Over the last 10 years, there's been a trend of rents increasing on an annual basis, despite the global financial crisis. This is why every quarter we produce a new rent index to ensure you have the latest data and figures available.
To find out more about the Rent Index, send us your thoughts or suggestions, please head to our contact page.