True cost of renting in Liverpool as prices soar by 46%
Rent costs in Liverpool have soared by more than 46% in the past 10 years. This reflects a common trend, as nationwide hikes mean the average monthly rent in England and Wales has reached a dismal £1,369 - 44% higher than it was in 2015.
The latest rental market figures from the Office for National Statistics, released this month, showed rent costs in the North West had experienced the third-sharpest increase, jumping from a £592 monthly average in January 2015 to £882 in December 2024 (49%). This was only topped by the East of England, where average rents went from £800 to £1,203 (50%), and the East Midlands, which jumped from £564 to £856 (52%).
Wales has seen a similar rate of growth at 43.9%, though the average monthly cost remains cheaper at £777 per month. In Liverpool, the average monthly cost of rent now stands at £819 compared to £560 in January 2015 - a rise of 46.3%. The Cheshire West and Chester rental market saw a similar increase of 45.6%, and Warrington saw an increase of 41.7%.
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Salford tops the list when it comes to costs, with the average rent in the area having skyrocketed by 72.4% in the past 10 years according to Tlyfe, the UK’s tenant lifecycle app launched by OpenBrix. Leicester ranks second with an increase of 70.7%, followed by Folkestone and Hythe, South Gloucestershire, and Thanet in Kent.
Rents have climbed across every area of the market in England and Wales, with Hartlepool seeing the smallest increase - up by just 14.3% in the last 10 years.
CEO of OpenBrix Adam Pigott said: “The cost of renting has only gone one way over the last decade - and that’s up. Such is the consistent and overwhelming demand for rental properties that we find ourselves facing a severe crisis across the sector and one of the key factors causing this crisis is a lack of available homes to meet demand.
"Unfortunately, it doesn’t look as though this market imbalance is set to be addressed anytime soon and, if anything, we’ve seen more landlords exit the sector due to consistent legislative changes implemented by the government.
"It’s the nation’s renters who are left to face the consequences and, for many, the cost of residing within the private rental sector is simply too high, whilst those who are able to stomach it are severely hindered from saving and making the jump to homeownership.”