Rental costs: Inflation-busting rise in price of new lettings in Glasgow, Renfrewshire and East Renfrewshire

The price of renting a home is climbing far faster in some parts of the country than others, according to data shared with GlasgowWorld by property website Zoopla.

This can be seen with the figures displayed in Glasgow as there has been a 12.6% change between January 2022 and January 2023 which works out at a £99 increase per month in the past year.

The previous median rents per month rate in the city were £690 which has now risen to £885 in the space of three years.

Big cities such as London, Manchester and Edinburgh are among those seeing the price of new lettings increase the most but Glasgow remain in the top 40.

Looking elsewhere near to Glasgow, North Lanarkshire are seeing a 7.5% increase whilst South Lanarkshire are seeing an 8.8% rise.

Further afield there’s a 9.9% rise in Renfrewshire which is an increase of £696 per year in the past year whilst East Renfrewshire aren’t too far off Glasgow having seen a 11.8% rise of an average £98 per month in the past year.

Across Great Britain, the monthly price of lettings put on the market rose by 11.1% over the same period, Zoopla’s rental index shows.

This is far higher than the 8.8% rise in the inflation measure which includes homeowners’ costs - the Consumer Prices Index including owner occupiers’ housing costs (CPIH).

Zoopla’s executive director Richard Donnell said the high prices were a result of increased demand and static supply levels.

He said: “The rental market has been running very hot over the last year. It’s a growing area of concern for renters who face a market with 33% fewer homes for rent than normal.”

He said higher prices were adding to the cost-of-living pressures on renters.

“We expect rental growth to slow over 2023 as affordability pressures bite, and the slowdown could be dramatic in some city centres. Only by boosting landlords of all shapes and sizes to increase rental supply can we improve choice and control the pace of rental inflation,” he said.

The government is set to introduce a new Renters’ Reform Bill in England, which it says will ease the squeeze on renters, for example by giving tenants stronger powers to challenge rent increases.

The Scottish Government has introduced a temporary cap on rental price increases for sitting tenants, but this does not cover lets put on the market.