A new study has revealed that the South West is the fourth most expensive place to rent in across the UK.
The figures, from Zoopla, have assessed the twelve UK regions as the cost of renting outweighs the cost of wages for the 21st month in a row.
According to the data, the South West is the fourth most expensive area to rent in, with the average rate totalling £1,002 per month, up by 7.1 per cent from the same time last year.
This equates to approximately 26 per cent of a renter’s gross earnings, a figure only beaten by the South East (28 per cent) and London (40 per cent).
Across the UK, rents are up by 10.4 per cent year-on-year, yet wages have only risen 6 per cent year-on-year.
According to a survey carried out by the Office for National Statistics, 53 per cent of tenants said in May 2023 that their rent had increased in the last six months, compared to 35 per cent in November 2022.
In the same survey, 15 per cent of renters said that they were finding it ‘very difficult’ to pay their rent in May 2023, up from 10 per cent in November 2022.
Richard Donnell of Zoopla said: “With a low likelihood of a major boost in supply it is affordability and demand side factors that will have the greatest impact on rent inflation.
“We expect rental inflation to slow towards 8 per cent this year, higher than we expected.
“We expect affordability pressures to start to impact rental inflation in the highest value rental markets over the next 6-12 months.
“In more affordable areas there is still some headroom for rents to increase further.”