Renting Cost Up by 150 Per Cent Since Millennium

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Renting cost has risen by 150 per cent since the turn of the Millennium, outstripping most other day-to-day costs squeezing people’s wallets.

Marking good news for landlords, the renting cost of a property in England has increased from an average price of £344 in the year 2000 to £858 in 2019, a 150 per cent increase in just shy of 20 years.

In comparison, the cost of milk has risen by just 29 per cent to 44p per pint over the same time period.

Similarly, eggs per dozen are 42 per cent more expensive, fuel per litre has risen by 59 per cent to £1.27, while McDonald’s Big Macs have risen by 63 per cent to £3.09.

The average price of draught beer per pint has increased by 82 per cent to £3.64.

Bread (per white loaf sliced) has seen a significant price increase of 104 per cent to £1.06, though it’s still less of a hike than with renting cost in the private rental sector.

While the cost of renting has risen significantly, it’s still been hiked by a lower percentage than cigarettes. A pack of 20 is now 162 per cent more expensive than in 2000, costing £10.23, up from £3.91.

Buying a brand-new car is now 163 per cent pricier, rising from £12,780 in 2000 to £33,559 in 2019.

Trumping all these costs is university tuition fees per year, which thanks to government measures are 825 per cent more expensive than in 2000, rising from £1,000 to £9,250.

Founder and CEO of Howsy, Calum Brannan, commented: ‘It will come as little surprise that rents have risen at a faster rate than many of life’s other essential outgoing costs since the turn of the Millennium.

‘This is largely due to the ever-increasing levels of tenant demand within the sector and a stagnant level of homes to accommodate this demand, which has resulted in a substantial hike in the renting cost. 

‘As a result, people are now spending a greater proportion of their income on rent when compared to other essentials like food or fuel. If you rent, smoke, went to university and need a car, then you’re really up against it financially.’