Recent data released by North-East based property firm KIS reveals that the average monthly cost of renting a property on the Metro Map in the region is £596.
This is £25 more expensive than in December.
Regional Rents
Data from the research shows that Tynemouth is the most expensive place in which to rent in the region, outside of central Newcastle. Rents here total £1,192 per month on average, followed by South Gosforth (£828) and Ilford Road (£762).
On the other hand, Tyne Dock in South Tyneside was the cheapest place to rent, at just £400pcm. This was followed by Hadrian Road and Percy Main, where rents stand at £425pcm and £435pcm respectively.
The full Map reveals the average cost of renting a two-bedroom property within half of mile of each of the region’s 60 Metro stations.
Research from KIS shows that excluding central Newcastle, the top five most expensive regions in which to rent in Tyne and Wear per calendar month are:
- Tynemouth -£1192
- South Gosforth -£828
- Ilford Road-£762
- Jesmond – £741
- West Jesmond – £737
On the other hand, the five cheapest regions were found to be:
- Tyne Dock – £400
- Hadrian Road – £425
- Percy Main-£ 435
- Hebburn – £437
- Jarrow – £454
Rents in Tyne and Wear are rising
Strength
Ajay Jagota, founder of sales and lettings firm KIS, observed: ‘It’s always fascinating to see this information laid out like this as it really brings it home to you that, for example, a three minute Metro ride from East Boldon to Brockley Whins saves you almost £1700 a year – the cost of a summer holiday or a significant saving towards a deposit on a house.’[1]
‘Even though these figures are recorded out of curiosity rather than serious analysis, they do showcase the current strength of the North East rental market. Figures this week show that rents in London are falling for the first time since 2009, but on the basis of these figures that is not the case in Tyne and Wear with average rents rising between December and May,’ he continued.[1]
Concluding, Mr Jagota said: ‘As rents rise though, so do tenancy deposits and these figures show indicate that if you want to rent a property on the Metro Map you’ll have to find almost £900 on average for a deposit – and possibly as much as £1800. This money too would surely be better spent on something else.’[1]
[1] http://www.propertyreporter.co.uk/landlords/tyne-and-wear-rents-on-the-rise.html