With so many people feeling the pinch and substantial rises in the cost of living predicted to continue into 2022, we’re all looking for ways to save money where we can. One area tenants could look to do this is in their monthly rent charge. If you’re looking to move home, where are the cheapest areas to rent?
Average monthly rent in the UK by region
According to a Statista survey of average rents in December 2021, the average UK monthly rent was £1,060. Starting with the cheapest average rent, the costs across the country were:
- The Northeast (£580)
- Northern Ireland (£724)
- Wales (£736)
- Yorkshire and Humberside (£737)
- Scotland (£738)
- East Midlands (£742)
- West Midlands (£786)
- Northwest (£844)
- Southwest (£983)
- East of England (£1,031)
- Southeast (£1,123)
- Greater London (£1,752)
While the Northeast was the cheapest area for rent, there are vast regional differences in average rental prices. Although the London area has seen some challenging times, with many tenants choosing to leave the capital during lockdown, the average rental cost is over £1,000 per month, more than the top six cheapest places to rent.
What is happening to rental prices?
As we start to see the worst of the Covid-19 pandemic in the UK, 2022 still looks like it could be another year of uncertainty as we continue to adjust to the post-pandemic era and manage the financial impact.
According to early indications from the ONS, in the UK, private rental prices rose by 2% in the 12 months to January 2022, increasing from 1.8% in the 12 months to December 2021. The East Midlands saw the most significant increase in rental prices of 3.6%, and London the lowest of 0.1%. In the Northeast, the area with the lowest average rent per month, there was an annual rental price growth of 2.2%.
What does this mean for the rental market?
RICS reported a supply versus demand imbalance in the rental market in January as tenant demand increased. Still, the number of new listings fell, leading to over half of respondents to their survey anticipating rent increases in the next three months.
With the expectation that remote or hybrid working will continue, tenants will continue to have greater flexibility to decide where they live and work so that they can make the most of regional price variations. But as rents are expected to increase further, it will mean that tenants and landlords will keep a close eye on the market and stay flexible as even the cheapest areas see prices rise.
No Letting Go
If you would like to discuss how our local support or national network at No Letting Go could make your property more attractive to rent, streamline your costs and reduce your workload by becoming your inventory partner, then contact No Letting Go today.
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