The city of Hull tops the list as Great Britain’s most affordable city to rent in, with the average advertised rent in the city now £799 per calendar month (pcm), 48% below the national average, latest data from Rightmove reveals.
A typical monthly rental payment in Hull takes up 26% of the average single monthly earning across Great Britain, compared with 50% nationally. This is halved if two people were splitting the cost of the rent equally together.
Second on the list of Great Britain’s most affordable cities is Carlisle, where the average advertised monthly rent is now £816 pcm. Wrexham is third on the list, at £817 pcm.
The most expensive city to rent in outside of London is St. Albans (£2,330 pcm), followed by Oxford (£2,041 pcm) and Winchester (£1,985 pcm).
UNIVERSITY CHOICES
The findings come as many students have sent off their university applications this week.
Steve Pimblett, Chief Data Officer at Rightmove, says: “With average rents continuing to rise in most cities, many are having to consider their affordability when choosing a city to live in, including students heading off for their university adventure later this year.
“We are seeing rental price growth slowing overall and a better balance between supply and demand.
“However, as seen by this data, the picture can look quite different depending on where you’re looking to live, and agents tell us the market is still very busy compared with pre-pandemic norms.”
BOOST RENTAL SUPPLY
Angharad Trueman, ARLA Propertymark President, adds: “There has been a real shift in the last few years in terms of rental prices across certain regions and this has proven an underlying force in how people are looking at the market.
“Proximity to a workplace, for example, has become less of a key factor, as more people are able to remote work and choose where they live.
“It remains imperative that governments across all UK nations focus on boosting the supply of rental homes to help even out prices across the country and make renting a secure aspiration for many people who choose it.
“This can only be realistically achieved by supporting landlords and encouraging long-term investment within the rental sector.”
