Tenants in Leeds and Cardiff have less rental stock priced below the local average than those searching in London, even though the capital is the most expensive of the major British cities analysed.
London lettings and estate agent Benham and Reeves compared current rental listings with the average cost of renting in each city. It then calculated which cities had the largest share of rental stock listed below that benchmark.
Across Great Britain, the average monthly rent stands at £1,418. Of the almost 130,000 rental properties available, about 66,000 are listed for less than that, or 51% of the total.
London is the most expensive of the 15 cities, with an average monthly rent of £2,338. It still ranks ahead of Leeds and Cardiff on the share of properties priced below the local average. Of the almost 33,000 properties listed in the capital, about 13,000 come in under that figure, which is 39.7% of its rental stock.
Cardiff offers the least choice, with just 29.9% of listings below the city’s average monthly rent of £1,179. Leeds ranks second from bottom, with 39% of properties listed below its average of £1,148.
The research suggests that higher average rents do not necessarily mean fewer properties priced below the local average, although London remains a challenging market for tenants on tighter budgets.
At the other end of the table, three cities offer the most rental stock below the local average:
- Liverpool: 64.9% of listings are below the average monthly rent of £916
- Manchester: 62.4% are below the average of £1,380
- Leicester: 61.9% are below the average of £1,020
“Average rental figures are often used to demonstrate just how expensive it has become to rent in Britain’s major cities, but they only tell part of the story and can paint a rather daunting picture for prospective tenants,” said Marc von Grundherr, director of Benham and Reeves.
“The reality is that there is often far more choice available than these headline figures suggest. Even in London, where the average monthly rent is considerably higher than anywhere else, around 40% of available rental properties are listed below the capital’s average.”
“Of course, finding the right property at the right price can be challenging, particularly in competitive urban rental markets. This is where a good letting agent can make a real difference, helping tenants assess their needs, preferred locations and budget, while providing a much clearer picture of what’s actually available rather than relying on headline averages alone.”
