Watford renters are in the most exposed group for rising costs nationally, as almost one-in-five faced rent hikes.
Analysis by the Office for National Statistics show an estimated 17 per cent of private renters in Watford were affected by rising rental costs last year.
Of those affected, the average monthly rent increased from £1,440 before 2023, to £1,574 last year.
- Residents hit out at 'outrageous' rent increases in Watford
- Watford One Clarendon residents shocked by £200 rent hike
- Universal Credit warning for Watford residents over 53-weeks
The figures show the increased cost accounted for 47 per cent of these renters' household disposable income.
The ONS assigned each area an "exposure score" relative to other local authorities based on the proportion of households affected by rising costs and how much the increased cost took from household disposable income.
Rent in Watford was scored a seven out of seven, meaning it was at high exposure to rising costs.
Mortgages in the area also had high exposure – scoring a six.
Housing costs have increased since 2022 amid rising inflation and higher interest rates.
In the year to October 2022, inflation reached a 40-year-high. In response, the Bank of England's Monetary Policy Committee gradually raised the Bank Rate from 0.1 per cent to 5.25 per cent between winter 2021 and summer 2023.
By the end of 2023, more than a third of those responsible for rent or mortgage payments in Great Britain were struggling to afford them, according to the ONS Opinions and Lifestyle survey.
The analysis also shows 15 per cent of homeowners in Watford were remortgaging in 2023.
The average monthly repayments went up by £384, from £1,781 before last year to £2,165 in 2023.
Overall, the increased cost took up 65 per cent of their household disposable income.
StepChange, a charity and debt advice service, said rising housing costs have been a "major driver" of the cost-of-living crisis.
Simon Trevethick, head of communication, said: "Repeated interest rate rises have pushed mortgage payments up for hundreds of thousands of people and rents have risen to record levels both inside and outside of major cities, as private renters especially feel the pinch.
"We want to see the Government supporting households facing increased costs. We have long called for an end to section 21 no fault evictions, as well as a tenancy support scheme ahead of evictions as a last resort."
He added the Mortgage Charter, brought in by the Government last year to help people with sudden increases in mortgage costs, is coming to an end in July.
"The Government should reassess removing help for mortgage borrowers to ensure there isn’t a cliff edge for those coming off their fixed term deals later in the year," he said.
A Government spokesperson said: "Our landmark Renters Reform Bill is progressing through Parliament and will give tenants more security in their homes."
They added a new Private Rented Sector Landlord Ombudsman will be introduced so private tenants can escalate complaints if they are unhappy with the service they receive from their landlord.
"We recognise the cost-of-living pressures tenants are facing, which is why we are providing a £108 billion cost of living support package over 2022-2025 – worth an average £3,800 per household."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel