Interesting analysis into the private rental sector has looked at how rents vary between North East metro stations.
Research conducted by property firm KIS reveals that rents can alter by an average of £66 from station to station. Choosing the correct location could save as much as £500 per month in rent!
Fees
Data from the investigation shows that the average cost of renting a home on the Metro Map is £560. However, there is a £545 difference between the £938 a month paid to rent in Haymarket and Monument and the £393 paid in Jarrow.
At £808, Jesmond is the most expensive place outside of central Newcastle in which to rent. This is followed by West Jesmond (£726) and Tynemouth and Gateshead (£723).
On the flip side, Jarrow (£393) is the cheapest place in the region to rent, followed by Tyne Dock (£399), Wallsend (£412) and Hadrian Road (£413).
The map also reveals the average cost of renting a two-bedroom property within a quarter of a mile of all of the Metro’s 60 stations. This shows where Tyne and Wear renters can potentially locate a bargain.
Highs and lows
Excluding central Newcastle, the top five most expensive places to rent in Tyne and Wear per calendar month are:
- Jesmond-£808
- West Jesmond-£726
- Tynemouth/Gateshead-£723
- Whitley Bay-£673
- Cullercoats-£660
The five cheapest areas to rent are:
- Jarrow-£393
- Tyne Dock-£399
- Hadrian Road-£413
- Chichester/Byker-£423
- Meadow Well-£425
How do rental costs vary between North East metro stations?
Between stations, the largest differences were found to be:
- Manors to Byker-£477
- North Shields to Whitley Bay-£235
- Gateshead to Central-£212
- Gateshead to Gateshead Stadium-£148
- Haymarket to Jesmond-£130
Location
Managing Director of KIS, Ajay Jagota, commented, ‘location, location, location is one of the classic golden rules of property, but month after month I’m stuck struck by the fact that people are prepared to pay as much as £5724 a year to live in a particular area. To put that into context Metro journey of three or four minutes-or even a bike ride of a little more than five-from Gateshead to Gateshead stadium is worth almost £2,000 a year in rent.’[1]
‘It’s not just the rents that cost, it’s deposits too,’ Jagota considered. ‘If you want and can live in the heart of Newcastle, you’re not just going to have to find the best part of £1000 every month in rent, the chance you’ll need to find £1407 just to move in.’[1]
‘Research this week suggests there are only five places in the UK were renting is cheaper than buying and none of those are anywhere near the North East. One of the major stumbling blocks to buying a home is all-too often the difficulty buyers have in saving up a deposit, and extra costs like deposits can really make a difference to people’s ability to save,’ Jagota concluded.[1]
[1] http://www.propertyreporter.co.uk/landlords/choosing-the-right-metro-stop-could-save-500-per-month-in-rent.html