The average monthly rent in England is £1,442, 13 times what it was in 1988, according to analysis by Generation Rent.
The campaign group today published the ‘Cost of Rent Receipt’, which shows the increase in the cost of private rentals since the 1988 Housing Act.
This analysis found that if everyday grocery prices rose at the same rate as private rents since 1988, a standard store containing ten supermarket items would cost more than five times what it does now.
The Tenancy Act 1965 introduced regulated tenancies with long-term security of tenure and fair rents assessed by independent rent administrators.
However, the Housing Act 1988 abolished this system, meaning that 1988 was the last time there was a regulatory system to limit the cost of private rentals.
At £1,442, the average monthly rent in England is thirteen times higher than it was in 1988 (£111).
On average, private renters in England spend more than 36% of their income on rent, with this figure rising to over 40% in many major cities.
Generation Rent calls on Andy Burnham’s government to cap the extent to which landlords can raise rent, while capping consumer price inflation or wage growth.
Similar policies have recently been endorsed by influential think tanks such as the IPPR, the Joseph Rowntree Foundation, the New Economics Foundation, and the Fabian Society.
Holly Williamson, CEO of Generation Rent, said: “Rising rents are stressful for renters across the country. This could mean children going to school hungry, families trapped in temporary accommodation for years, or older renters choosing between heating or eating.”
“The cost of rent is like a runaway train without a driver, leaving too many renters as passengers with no control over our lives. With another rise in inflation on the horizon, Andy Burnham’s government can and must act urgently by putting a limit on how much landlords can raise our rents.”
