Out of the UK’s major cities, Leeds has seen the largest growth in rental prices both quarterly and yearly with costs up by 32% and 50% respectively.
Flat sharing platform, ideal flatmate, recently analysed the cost of renting a room in the UK’s largest cities. In the Room Rental Index for Q1 of 2019, the platform looked at the prices of thousands of single rooms on its site and examined the differing costs across the nation and how they have changed over time.
Tom Gatzen, co-founder of ideal flatmate, stated: “Outside of London, we’re seeing strong regional growth in areas such as Leeds, Portsmouth, Liverpool and Glasgow and while they remain much more affordable, it demonstrates the diversity of the UK rental market and the growing pockets of popularity that stretch across it.”
The average cost to rent a single room in the UK is £535 per month, which is an 11% increase from Q1 of 2018. As expected, London is the most expensive city to rent in with an average monthly cost of £745. The index also revealed the differing rental prices in each borough of London, which ranges from £585 in Havering to £1,167 in the City of London.
The rental market in Leeds
Out of the UK’s top cities, Leeds is the fifth most expensive to rent in with an average room costing £548 per month. The majority of residents living in the city centre are in the private rental sector.
Demand for rental properties is rising, and Leeds City Council has suggested there is room for 20,000 more homes in the city centre in order to keep up with that demand.
Having seen a revival in its property and development industry, Leeds is a major player in the Northern Powerhouse and was recently named one of the best places to live in the UK. With new jobs and homes coming to the city, the rental market in Leeds is expected to grow even further.