Rents in a Welsh city are on the rise, almost matching the speed of rent increases in London. According to the latest figures from the Office for National Statistics, private renters in this city paid an average of £1,369 a month in the 12 months leading up to December. This amount represents a 9.2% increase compared to the previous year, equating to an additional £115 per month for tenants. The largest percentage increase in rent was seen in Brent, London, with an average monthly rent of £2,111, marking a 26.8% surge over a year, requiring renters to find an extra £447 each month.
Newport in Wales experienced the second-highest rent increase, with the average private rent reaching £877 per month, up by 18.6% (£137) from the previous year. The city’s rising rents can be attributed to factors such as a thriving economy, the presence of the University of South Wales attracting students, and an influx of young professionals seeking affordable accommodation in comparison to nearby areas like Bristol. Consequently, the demand for rental properties has outstripped the available supply, resulting in upward pressure on prices.
Efforts to improve renters’ rights are underway in the Welsh city. Discussions at the Senedd have focused on various bills and reports aimed at enhancing tenant rights, including a proposed Renters’ Rights Bill. This bill seeks to empower tenants to challenge unreasonable rent hikes, abolish no-fault evictions, and impose obligations on landlords. Additionally, a forthcoming report from the local government and housing committee will explore potential compensations for renters facing no-fault evictions.
The rapid increase in rents is not unique to Newport, as several other areas in the UK have also experienced significant rises in rental costs. Slough, Nuneaton and Bedworth, Folkestone and Hythe, and Trafford are among the regions with notable rent increases ranging from 13.5% to 16.8%. These escalating costs reflect the challenging housing market conditions faced by renters across the UK, prompting calls for greater support and protection for tenants.
With the rising cost of renting becoming a growing concern, renters and policymakers alike are advocating for measures to address the affordability crisis. The focus on enhancing tenants’ rights and exploring avenues to regulate rent increases is essential in safeguarding the interests of renters and ensuring access to stable and affordable housing options. As the debate continues on how best to tackle the issue of soaring rents, the need for comprehensive and sustainable solutions remains a top priority to support those affected by the housing cost burden.