The total amount of rent paid by tenants in Great Britain grew to a record £51.6bn last year, more than double the £22.6bn paid in 2007, according to research from Countrywide. Rents grew by £1.8bn in 2017, and have now risen in every year for the last decade, the study suggests.
The average cost of a new let rose 2.4% in January compared to the same time last year. Rents across Great Britain rose by 1.9% when London was excluded.
Countrywide argues that millennials – who it defines as those born between 1977 and 1995 – have paid more than half the total rent of the nation over the last 11 years, though the 59% paid last year is down from a peak of 64% in 2015. It notes that today millennials account for a similar proportion of rent as they did in 2011.
Older renters make up a significant proportion of tenants according to the data. Countrywide found that baby boomers – those born between 1946 and 1964 – paid 10% of all rent, the same figure as generation Z – those born after 1995.