Below-average rents scarcer outside London

Landlords in Leeds and Cardiff face a smaller proportion of competing properties advertised below the local average rent than those in London, research reveals.

Letting agency Benham and Reeves puts Cardiff at the bottom of the 15 British cities analysed, with 29.9% of listings below its monthly average of £1,179.

Leeds is second from bottom, where 39% of advertised properties cost less than the city’s £1,148 average.

In London, 39.7% fall below the local benchmark, although its average monthly rent of £2,338 is the highest among the cities studied.

Choice below average

Marc von Grundherr, a director of the firm, said: “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.

“The reality is that there is often far more choice available than these headline figures suggest.”

He added: “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.”

Liverpool leads cities

Liverpool has the highest proportion of homes advertised below its local average rent, with 64.9% available for less than £916 a month.

Manchester follows, where 62.4% of listings are below the city’s monthly average of £1,380.

Leicester takes third place, with 61.9% of available properties priced below its £1,020 monthly benchmark.

Across Great Britain, the average monthly rent stands at £1,418.

Of the 129,637 properties advertised, 66,053 costs less than that amount, representing 51% of available stock.