UK’s Top 10 Cheapest & Most Expensive Places to Rent Revealed
Updated: July 2023
Are you fed up with the exorbitant prices of your rent? Do you dream of living in a beautiful city without breaking the bank?
Well, you’re in luck! We’ve put together a list of the 10 cheapest places to rent in the UK, along with the 10 most expensive places so you can finally live the life you’ve always wanted.
This report will utilize data & studies to reveal the following:
The Factors that Influence Rental Prices
Rental prices in the UK vary depending on a number of factors, including:
- Location and regional differences: Rental prices are generally higher in urban areas than in rural areas. This is because there is more demand for housing in urban areas, due to factors such as employment opportunities and access to amenities.
- Property type and size: The type and size of a property also affects rental prices. For example, a two-bedroom apartment in central London will typically rent for more than a one-bedroom apartment in a suburban area.
- Local amenities and transport links: The availability of local amenities and transport links can also affect rental prices. For example, a property close to schools, shops, and public transport will typically rent for more than a property in a more remote location.
- Economic factors and market trends: Economic factors, such as interest rates and inflation, can also affect rental prices. For example, if interest rates rise, it can make it more expensive for people to buy homes, which can lead to an increase in demand for rental properties.
The Cheapest Places to Rent in the UK
According to Zoopla, the crown for the least expensive place to rent in the UK goes to Belfast, with the average rent being a about £713 per month! The city of Sheffield comes in second, with the average rent being £753, making it just £40 more expensive than Belfast. Liverpool rounds off the top 3, with rent sitting at £764 per month.
For cheaper rent rates, you may want to consider these cities. Simply visit your local estate agents or log on and search through websites such as Rightmove & Zoopla and you will know if there is something out there for you!
It’s worth noting, however, that just because the rent is cheaper or more expensive in one city does not mean you will save more. You have to consider other factors, such as the average wage of the city, the average property price and whether that city is right for you.
Tenants often propose to purchase properties from their landlords, so if this is something you may consider in the future, be sure you pick the right one, to begin with.
The Most Expensive Places to Rent in the UK
The cost of renting in the UK can vary a lot – the main variant being where in the UK you are looking to rent from.
According to Nolettinggo, London remains the most expensive place to rent.
That said, the other 9 cities on the list still have high rental values, which would make it difficult for many people to live on rent in those places. In addition, areas such as Oxford and Surrey, which were often seen as prestigious areas to live for those looking for the cheapest places to rent outside of London, have seen significant rises, which are slowly pushing up the average rent in the UK.
In addition, research carried out by Hamptons International made with its own figures and the ONS data suggests tenants looking for a one-bedroom home could find themselves paying 31% more than if they rented a room in a house share.
Buying vs Renting – which one is for you?
Tips for Finding Affordable Rent in the UK
Renting can be expensive, but there are a few things you can do to find affordable rent in the UK. Here are some tips:
- Start your search early. The earlier you start your search, the more likely you are to find a good deal.
- Be flexible with your location. If you’re willing to live in a less desirable area, you can often find cheaper rent.
- Consider shared accommodation. This is a great way to save money on rent, especially if you’re a student or young professional.
- Look for smaller properties. One-bedroom apartments are often cheaper than two-bedroom apartments.
- Negotiate with the landlord. If you’re willing to sign a longer lease, you may be able to negotiate a lower rent price.
- Do your research. Before you sign a lease, make sure you understand all the terms and conditions.
Strategies for Finding Cheaper Rent
Here are some strategies you can use to find cheaper rent in the UK:
- Look for properties that are being advertised as “unfurnished.” This means that the property will not come with any furniture, so you’ll need to provide your own. However, this can save you a significant amount of money on rent.
- Consider renting a room in a shared house. This is a great way to save money on rent, especially if you’re a student or young professional. You’ll share the cost of rent, bills, and utilities with other people, which can significantly reduce your monthly outgoings.
- Look for properties that are located in less desirable areas. Rent prices are generally lower in less desirable areas. However, it’s important to do your research before you decide to rent in a particular area. Make sure that the area is safe and that there are enough amenities nearby.
- Look for properties that are being rented out by private landlords. Private landlords are often more willing to negotiate on rent prices than large property management companies.
The Importance of Negotiation & Research
When you’re looking for affordable rent, it’s important to be prepared to negotiate with the landlord. You can start by asking for a lower rent price than the advertised price. You may also want to ask for other concessions, such as free rent for the first month or a shorter lease term.
It’s also important to do your research before you start your search. This means knowing what the average rent prices are in the area you’re interested in. You can find this information online or by talking to local estate agents.
By following these tips, you can increase your chances of finding affordable rent in the UK.
What Age Group is the Most Likely to Rent?
Despite ongoing issues like the cost of living, the UK rental market is still strong. According to buy-to-specialist Sequre, The UK’s private rental sector sits at almost £1.4 trillion pounds.
Even more interesting is that younger people are much more likely to rent than anyone else. According to Nimbelfins, over 64% of 16-24-year-olds rent privately.
Final Word – Which Cities are the Best to Rent in the UK?
By examining the data above, it becomes clear that if you want to live in the south of the UK, you will have to pay more rent, but as mentioned earlier in the article, in the areas where rent is higher – the average salaries are too. On the other hand, some cities further north have much lower rent costs but also lower average wages.
If lower rent is something that you are looking for, then be sure to look at the whole picture before checking out these areas.
The top 3 cheapest cities to rent in the UK are:
- Belfast (£713)
- Sheffield (£753)
- Liverpool (£764)
The top 3 most expensive places to rent in the UK are:
- London (£2,134)
- Esher, Surrey (£1,913)
- Oxford, Oxfordshire (£1,612)
Each person will have their own unique circumstances; see which cities are a better fit for you and make a decision based on that – that is the best advice we can offer anyone looking for a place to rent.
