News / Housing
Rents in Bristol rocket
Rents in Bristol have gone up by 33 per cent over the past four years, latest figures show.
The median monthly rent for houses in the city between April 2017 and March 2018 was £930, according to data from the Valuation Office Agency (VOA).
That is £250 more than the median rent across England over the same period, which was £675. It was £700 in the South West.
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And it means rent in the city has gone up by 32.9 per cent since 2013-14, when the VOA began publishing its data.
It now costs an average of £795 to rent a one-bed flat in Bristol, a 32.5 per cent rise from 2013-14, and the cost of renting a three-bed family home has risen by 33.3 per cent to £1,200.
Mike Pankiewicz, who owns Bristolwide Property, trading mainly around St Paul’s, said that for two or three years, homes were snapped up as soon as they were put up for rent.
“It’s slowed down a bit this year,” he said.
“I haven’t seen rental prices increase by a third, but they’ve definitely gone up fast. Part of it is the environment of ever-increasing costs being put on landlords.”
There are fears rents will rise further when the Government bans tenant fees
Some experts are expecting rents to rise further when the Government bans tenant fees, as agents and landlords look to recoup their losses by pushing up prices. A date has not yet been set for this.
Bethan Gambling, lettings manager at Cliftons estate agents, said rents were rising faster than in London, which was “great news for investors”.
She added: “However, on the other side of the coin, due to the rent increasing so quickly, tenants are the ones who suffer by paying more for either the same or less space than they previously had.”
It is not clear whether spiralling rents have contributed to Bristol’s homeless problem.
Jasper Thompson is working to address homelessness in the city by converting shipping containers and a double decker bus into accommodation.
“There’s a lot of factors that contribute to homelessness,” said Jasper Thompson, founder of Help Bristol’s Homeless. “But we’ve never come across anyone that’s said their landlord put their rent up and they couldn’t afford it any more.”
The UK currently has the highest number of private renters in the country’s history – more than one in five households. By 2021 one in four people are expected to be private tenants.
Adults in their 20s and 30s have been nicknamed ‘Generation Rent’ as soaring house prices have put buying properties out of reach.
Dan Wilson Craw, director of pressure group Generation Rent, said: “Renters are in a bind. If they choose to live where there’s a strong jobs market they might see their pay packet gobbled up by high rents.
“If they live somewhere cheaper, either there’s a risk that it’s harder to find a stable job or they pay for it in higher commuting costs.
“The government must make renting a more secure arrangement, with restrictions on rent rises and unfair evictions, but also look at how to introduce a living rent that ordinary workers can afford.”
Lawrence Bowles, research analyst at the estate agents Savills, added: “The outlook is strong for investors. The current figures show rental values falling, but we’re expecting a return to growth over the next five years.
“However this is less positive for tenants.”
Jack Pitts is a local democracy reporter for Bristol.
Read more: Solving Bristol’s housing crisis
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