The current housing crisis is set to become steadily worse, as a survey predicts that private rents will likely soar by between 22% and 26% over the next thirty months.
The survey, conducted by real estate company Savills, finds that rent prices are on the rise, and show few signs of stopping.
Dr John McCartney, Savills’ Director of Research, said: “There’s a very strong relationship between movements in the vacancy rate and movements in rental growth.
“Over the last 31 quarters, 95% of all the ups and downs in the rental growth index have been explained by movements in the vacancy rate.”
A dramatic fall is supply is only fanning the flames of the crisis even higher.