Huge rise in average monthly room rents in Glasgow over last year
There has been a huge rise in average room rents in Glasgow in the last 12 months, according to new data.
The latest figures from SpareRoom - which helps people find rooms to rent - show that there has been a 13% rise in the average price over the last year.
In Q2 of 2021, the average monthly room rent was £478 - a price which, in Q2 2022, has now risen to £542.
The percentage increase is far higher than the UK average, which was just six per cent.
Sunderland saw the biggest increase (21%) followed by Belfast and Cardiff, with 40 out of the 50 biggest towns and cities in the UK registering their highest ever room rents in Q2 2022.
London saw the highest increase in demand vs supply (up 154%), followed by Slough (up 122%) and then Aberdeen (up 116%).
There has also been a big increase in demand vs supply in Glasgow, up 45% between Q2 2021 and Q2 2022.
These record high rents are stoking inaffordability - a survey of over 15,000 renters revealed almost four in five (79%) have either had to move to a new area or are currently looking at cheaper areas because they feel priced out.
Matt Hutchinson, SpareRoom director, said: “We’ve had our busiest June on record in terms of people using SpareRoom to find somewhere to live. At the same time, supply of rental properties has plummeted, meaning rents are on the up almost everywhere. When you add to that the spike in energy costs, which are being passed on to many flatsharers in the form of increased rents, it’s stretching an already unaffordable rental market to breaking point.
“With inflation higher than it’s been for decades, and energy bills set to rise again in October, just before winter kicks in, renters are going to really struggle. It’s time for government to realise that handing out money to help people pay their rent isn’t the long-term solution – we need serious policies to provide affordable housing for everyone.”