Where are the cheapest areas to rent in the UK?

 With rent rates increasing in the UK and tenant demand at an all-time high, many individuals are considering expanding their horizons and looking into other locations to reside while seeking for rental property.

Of course, there are numerous other factors to consider when deciding where to live, such as public transportation, local amenities, and job opportunities, but with flexible working and working from home appearing to be here to stay for the foreseeable future, there has never been a better time to relocate.

Using data from over 4,500 letting agents' reference checks, HomeLet can compile the largest and most insightful view of the UK's private rental sector (PRS) in order to determine average rent prices and their trends – so where are the most cost-effective regions to rent in, according to the HomeLet Rental Index (HRI)?

In August 2021, average rents in the entire United Kingdom increased by 2.3 percent over the previous month, indicating that rent prices are continuing to climb.

According to the HRI, the cheapest average monthly rent is found in the North East, where the average monthly cost is £572 - more than £100 less than in any other region in the UK.

Additionally, the North East shows an annual increase of 4.8 percent, nearly two percent less than the rest of the UK, which has increased by 6.9 percent annually, indicating that rental prices are increasing at a slower rate in this region than the rest of the country – indicating that if long-term competitive rent is a priority, the North East is an excellent option to consider.

Northern Ireland is the second cheapest region in the UK, with an average rental price of £704 in August's HRI. This is followed by three more locations that go below £750 – Wales (£723), Yorkshire & Humberside (£724), and the East Midlands (£742) – all of which offer tenants a more affordable alternative to the rest of the UK.

If you're seeking to reside in the south, the South West is the cheapest region, with average monthly rental rates of £1,006. This is just 1.7 percent more than the previous month, but represents an 11.9 percent rise over August 2020's number.

Despite the fact that Greater London is the only region in the UK that has not yet returned to pre-pandemic levels, and despite numerous reports of people fleeing the capital during the Covid period, Greater London continues to have the highest average price in the country, with August's average coming in at £1,713, more than £500 more expensive per month than the next highest region.

Each area of the UK will have distinct advantages and disadvantages and will suit different people differently depending on their needs, and there are numerous additional factors to consider when deciding on a new area to relocate to, so it is worthwhile to conduct additional research into each area you are considering. However, if affordability is a goal, the areas highlighted in this article are an excellent place to start. If you are in the market for rent gurantee essex then NickHolds is the place to go