Private Rental Sector Now Provides Homes For 20% Of All Households

 

The private rental sector now provides homes for 20% of all UK households (30% in London). This figure is growing year by year. As more people settle for longer tenancies in their rental home, the range of tenant job roles has expanded too.

Professionals dominate the rental market, however service workers' demand is rising rapidly, while those in managerial roles pay the highest rents.

30% of private sector renters have a professional job and pay an average monthly rent of £1,529 and earn an average of £46,000 per annum. These include scientists, health workers, teachers, business, tech and law.

Renters working as managers or chief executives pay the highest monthly rents (an average of £1,688 pcm), but also have highest earnings with an average of £57,000 per annum.

The biggest increase in recent years is in 'Service and Sales' workers (19%, up from 14% in 2020). This includes retail, hospitality and other service roles that were so badly affected during the pandemic.

With July’s general election, it will be important for residential landlords in Kent to keep a close eye on these trends, to be prepared to react in the evolving rental market in Britain.

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Keep up to date with the evolving rental market

Quealy & Co Lettings and Property Management team are your local experts in the rental market in Sittingbourne and the surrounding areas. If you want to make renting easier and keep up to date with all the latest news in the rental market, call us on 01795 429836 or email hello@quealy.co.uk to chat with a member of our friendly and experienced team.  

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Source: #Dataloft Rental Market Analytics by PriceHubble (last 12 months), Census 2021