The cost of renting a house or flat in Southampton surged higher as private rents rose to an average of £1,163 in September 2024, figures from the governments National office of statistics show.
This is an annual increase of 9.5% from £1,062 in September 2023. This was higher than the rise in the South East (7.9%) over the year. In Southampton, the average rent for flats or maisonettes rose by 9.8%, while for detached properties, it increased by 9.1%. At a time when the cost of living is higher than ever this means Southampton residents have less money to spend and could force many to look at other options.
A mix of factors could be contributing. Southampton is face becoming a city reliant on students and internationals academics. The increased student population takes up more of the citys housing, particularly the rental market. Migration into the UK both legal and illegal also means the rental market becomes more squeezed as there are more people looking for housing.
Looking more deeply into the southampton housing figures, average rent for one bed properties rose by 10.2%, while the average for four-or-more bed properties increased by 7.7%. Data by how many bedrooms there are in a property, average rents as of September 2024 in Southampton were:
- One bedroom: £806
- Two bedrooms: £1,027
- Three bedrooms: £1,251
- Four or more bedrooms: £1,775
Taking the data instead by property type, average rents were:
- Flats and maisonettes: £921
- Terraced properties: £1,229
- Semi-detached properties: £1,319
- Detached properties: £1,513
Data collected by the national office of statistics is regularly updated with the most recent rents and house prices information. The full time series for rental prices can be found in online on the governments website. The full data for house prices can also be found in the UK House price index reports on the gov.uk website.
