Private rents continue to grow but so does tenants’ political power
The amount paid by private renters in the UK increased by 6.1% in the year to October 2023, according to a provisional estimate from the Office for National Statistics (ONS).
This is the biggest annual percentage rise since the ONS started recording the data in January 2016 and is up on September’s figure of 5.7%.
In the 12 months to October, rental prices across Great Britain but outside London rose by 5.7%. This was up on the increase of 5.5% seen in September.
In the capital
Private rent prices in London rose by 6.8% in the 12 months to October, up from an increase of 6.2% in the year to September. Private rent prices in London account for almost a third of UK rental spending.
The increase in private rent prices in England was 6% for the 12 months to October.
When London is excluded, this figure drops to 5.6%.
In Wales, the increase in private rent prices in the year to October was 6.9%. This was the highest of all the countries in Great Britain. It remained unchanged from the figure seen in September.
In Scotland, private rent prices rose by 6.2% in the 12 months to October. This was up from 6% in the year to September and the highest increase since the ONS started keeping the Scottish data in January 2012.
Growing political power
This comes as a report from Generation Rent finds the growth of private renting over the past ten years has given renters more political power.
It reveals that 194 constituencies in England now have populations containing 20% or more private renters. This is up from 114 in 2011.
The report states:
“Because of this shift it is getting harder for politicians to ignore renters.
“The renter population continued to grow in the 2010s, but because many of us have been pushed out of city constituencies by high rents and the need for family homes, renters’ political power has grown even more, and could make a difference in many more seats at future elections.”
A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.
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