Top 10 High-Priced Rental Locations Outside London, as Unveiled by Rightmove
In the UK, rental prices have been on a steady rise, particularly in northern cities. The cheapest city to rent in, Carlisle, has an average monthly rent of £791, a significant increase of £252 (47%) compared to five years ago [1]. At the other end of the spectrum, St Albans in Hertfordshire is the most expensive city to rent in, with typical monthly rents of £2,307 [2].
This trend is not limited to Carlisle and St Albans. Many cities have seen rental growth of over 40% over the past five years, according to Rightmove's analysis [3]. For instance, Bristol has an average monthly rent of £1,758, a rise of £567 (48%) compared to five years ago [3]. Similarly, Edinburgh's average monthly rent is £1,778, an increase of £527 (42%) [3].
The primary drivers behind this increase in rental prices are demand outpacing supply post-pandemic and rising costs for landlords such as mortgage rates, tax changes, and new regulatory requirements [1]. Northern regions like the North East have experienced some of the highest annual rent inflation rates, showing sharper growth compared to other areas [3].
Other contributing factors include rental bidding wars, reduced rental supply, and stricter tenant referencing [2]. The government's recent ban on rental bidding wars may have protected tenants, but landlords' responses, such as setting higher initial rents, can still push prices up and squeeze renters financially [2].
In an effort to address these pressures, the Labour government has revealed its Renters' Rights Bill. The Bill aims to introduce measures such as the Decent Homes Standard for rental properties, minimum Energy Performance Certificate (EPC) ratings, and bans on exploitative rental practices [4]. The Bill also seeks to strengthen renters' protections and rights to create more stability and fairness in the market.
However, the Renters' Rights Bill may also lead some landlords to reconsider participation in the rental market due to increased compliance costs, potentially impacting supply further if not managed carefully [2].
In summary, the rise in rental prices in northern UK cities is primarily due to high demand, limited supply, landlord cost pressures, and regulatory changes. The Labour government's Renters' Rights Bill aims to improve standards and tenant protections, but care must be taken to avoid unintended supply reductions.
Meanwhile, for students looking to navigate the rental market, Letting agents trade body Propertymark advises doing thorough research on the area surrounding the university they're studying or thinking of studying at to assess affordability [5]. They also suggest using accredited agencies to ensure they get the best possible service.
References:
- Rightmove
- Propertymark
- Rightmove
- Labour Party
- Propertymark
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