UK’s Top 10 Cheapest & Most Expensive Places to Rent Revealed
Last Updated: September 2019
Where can you rent for as little as £300 per month? You may have guessed London remains the most expensive pace to rent a home by a good margin but did you know where the cheapest place to rent in UK is?
This report will utilize data & studies to reveal:
The Cheapest Places to Rent in the UK
The crown for the least expensive place to rent in the UK goes to South Shields with the average rent being a mere £300 per month! The city of Craigavon in Northern Ireland comes in second with the average rent being £306 making it just £6 more expensive than South Shields. Bangor rounds off the top 3 with rent sitting at £307 per month.
For those looking for cheaper rent rates, these are definitely cites you may want to consider. 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, just because the rent is cheaper or more expensive in one city does not mean you will save more money. You have to consider other factors such as the average wage of the city, average property price and whether that city is right for you.
Tenants often propose to purchase properties from their landlords so if this 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.
The infographic above put together with data from the Metro clearly shows that 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 them places. Areas such as Brighton and Cambridge which were often seen as prestigious areas to live for those who were looking for the cheapest places to rent outside of London have seen big 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.
This would take up an incredible 47% of the average 21-29 year olds pre-tax income across Britain! Definitely something to think about before renting.
Buying vs Renting – which one is for you?
Best Places to Rent in London – The Top “rent value” Boroughs Revealed
London has and will probably always remain the most expensive place to rent in the UK but why? Below are some reasons why London is more expensive compared to other UK cities:
- Many high profile companies have their head offices set up in London which means some of the richest people in the world often come there. It’s been proven many times that places where there is an abundance of money plus smart people shifting the market to their advantage results in higher prices.
- London is widely seen as the financial capital of the world which means big money is always on show there.
- People generally pay for everything without kicking up a fuss which keeps prices high.
In an article by Homes and Property they state that London is currently the most expensive place to rent in Europe as well and the fourth most expensive in the world!
There are however ways to reduce the amount of rent you pay and live in London at the same time, although it’s not something that appeals to everyone. So what’s the trick?
Well, according to OntheMarket you have to rent in a group of four people.
An example of this is for a four bedroom property in Bexley, the monthly total rent is £1,633.52 but divided between four people, it is £408.38 each! Not bad right?
Below is an infographic which shows how many bedrooms achieve the best value per tenant within each borough.
The above graphic shows that if you’re willing to live with other people you can make renting in London much more feasible!
What Age Group is the Most Likely to Rent?
Despite ongoing issues like Brexit, the rental market in the UK is still going strong. A report released earlier this year by the ONS states that the number of households in the private rented sector in the UK increased from 2.8 million in 2007 to 4.5 million in 2017. That’s an increase of whopping 1.7 million (63%)!
What’s even more interesting is that younger people are much more likely to rent than anyone else (across England, Scotland, Wales and Northen Ireland). According to the BBC with statistics taken from the House of commons library – over 60% of 16-24 year olds are likely to 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, the areas where rent is higher – the average salaries are too. Some cities further north have much lower rent costs but also lower average salaries.
If lower rent is something that you are looking for then be sure to look at at full picture before checking out these areas.
The top 3 cheapest cities to rent in the UK are:
- South Shields (£300)
- Craigavon (£306)
- Bangor (£307)
The top 3 most expensive cities to rent in the UK are:
- London (£728)
- Brighton (£647)
- Oxford (£577)
Each person will have their own set of 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 who is looking for a place to rent.
