Britain’s Renters

19th June 2024

• The private rental sector now provides homes for 20% of all UK households, (30% in London), and it is growing year by year. As more people settle for longer in a rental home, the range of job roles has expanded too, as is clear from this analysis of job types.
• 30% of private sector renters have a professional job, pay an average monthly rent of £1,529 and earn an average of £46,000 pa. These include scientists, health workers, teachers, business, tech and law.
• Renters working as managers or chief executives pay the highest monthly rents (average £1,688 pcm) but also have highest earnings with an average of £57,000 pa. The biggest increase in recent years is in ‘Service and Sales’ workers (19% up from 14% in 2020). This includes retail, hospitality and other service roles that were so badly affected during the pandemic.
• Professionals dominate the rental market, service workers’ demand is rising rapidly, and managers pay the highest rents. With a General Election soon, it will be important to keep a close eye on these trends to react to the evolving market in Britain.

Source: #Dataloft Rental Market Analytics by PriceHubble (last 12 months), Census 2021