Some tenants look outside UK to escape high rents

New data from flatshare site SpareRoom has revealed just under three quarters of renters are either actively looking or considering moving to a new area due to record high rents.

One in 14 of these are looking to leave the UK entirely and move abroad to escape rising costs. This figure increases to almost one in 10 in London - perhaps no surprise considering average room rents in the capital have now reached over £1,000 per month (£1,013) for the very first time.

UK room rents are now at £794 per month, the highest seen on record, says the website.

SpareRoom’s research shows a further one in seven UK renters will consider moving to a new area if the rental crisis shows no sign of abating. In fact, some have already made the move due to high rents.

As the cost-of-living crisis continues, half of UK renters say they know someone who has moved elsewhere in the UK to escape rising costs, whilst a quarter claim to know someone who has left the UK and moved to another county.

Matt Hutchinson, SpareRoom director comments: “2023 has seen UK rents reach record highs yet again. With little from government on how they plan to tackle this crisis, and the continuing cost-of-living increases putting pressure on personal finances, the UK rental market is becoming untenable for many.

“It’s hardly surprising that the promise of cheaper rents and more affordable living costs are leading renters to look beyond the UK. It’s crucial the government understands the severity of this situation and starts to intervene, or the housing crisis will drive more renters out of major cities, if not out of the UK entirely.”