How did labor shortages after the Black Death change wages and rents?

The severe population decline caused by the Black Death created a significant labor shortage that fundamentally altered the economic relationship between landowners and the working class.123

As the supply of workers plummeted, the bargaining power of the survivors increased dramatically. The resulting changes included:12

• Rising Wages: With fewer laborers available, workers and artisans were able to demand and receive significantly higher wages. Despite attempts by authorities to cap pay at pre-plague levels through legislation like the Statute of Labourers, these efforts were largely unenforceable.12
• Shift in Rents and Tenure: Landowners, desperate to retain tenant farmers and keep their land productive, were forced to offer better conditions. This accelerated the transition from traditional, often onerous, labor services to money rents and rental tenures.124
• Economic Realignment: While great landlords saw their revenues decline, real wages for the lower orders of society rose sharply by the late 14th century, aided by lower food prices. Ultimately, these shifts weakened the traditional feudal system, as lordship increasingly transitioned into a more transactional economic practice.243