RENTERS in Northern Ireland are now forking out an average of £887 per calendar month, according to the latest HomeLet Rental Index.
That's 1.26% more in rent than last month and 11.5% extra compared to this time last year.
The report paints a bleak picture of the cost-of-living crisis as it says that in October, monthly rents rose across nearly every UK region, reaching a record monthly average high of £1,283.
With rising prices failing to match wage increases for many, renters in Northern Ireland are now forking out 37.3% of their monthly wages in rent, which has risen from last year just under 30%.
HomeLet?chief executive Andy Halstead said:?“Sadly, we can report that rental prices in Northern Ireland once again reached an all-time high in October, with the average renter expecting to pay £887 per month. Rent prices increased by 11.5% in the last year alone – which is totally unsustainable.
“There have been a few comments from the Government recently about how the cost-of-living situation is starting to look more positive and inflation is slowing. But our data shows that rents still rose in most regions across the country between September and October.
“As we collate this data every month, we hope one day to see negative figures in the monthly variances, and more affordable rent for all.”
He added: “It really feels like there’s no end to this madness, we’ve been watching rent prices creep up every month and know this is an unsustainable future for both tenants and landlords alike.
“Renters are being priced out, and the home-owners are left with nobody to fill their vacancies. We need to see an end to these soaring prices, and fast, before we have a full rental crisis on our hands.”
The rental index utilises data from over one million references?processed each year on behalf of 5,000 UK letting agents.
