UK Rents Forecast to Rise 13% Over 3 Years, Squeezing Renters Already Facing Cost of Living Crisis

• Rent in UK expected to rise 13% over next 3 years amid cost of living crisis, outpacing wage growth • Since January 2022, typical cost of new tenancies risen 18% due to pandemic recovery and wage growth • Resolution Foundation says recent price surge indicates "market correction" after pandemic disruption • Renters reaching end of tenancies or forced to accept within-tenancy hikes to face large increases • Solutions needed like regular Local Housing Allowance uprating to help poorer families; ultimately more homes need to be built