10:23 AM, 23rd February 2023, About 4 weeks ago 5
Research has revealed where tenants in several cities could cut their renting costs by up to half.
The findings from Barrows and Forrester highlights that tenants could save by searching for homes to rent in nearby towns.
The estate and lettings agent says it has analysed the current cost of renting in six major cities in England and how this cost compares to towns within commuting distance.
James Forrester, the managing director of Barrows and Forrester, said: “Despite a pandemic induced fall in demand for city centre rentals during the early stages of Covid, the cost of renting across the nation’s major cities remains substantial and has continued to climb as normality has returned.
“This won’t help prospective and existing tenants who are already being squeezed by the cost-of-living crisis and broadening their search to the commuter belt could well save them a considerable amount when it comes to the monthly cost of renting.”
He added: “Of course, when doing so you also need to weigh up the wider quality of life an area can offer, along with the cost of commuting.
“You may find that renting further afield can make a real difference to your disposable income, but it might not be worthwhile if the majority of this goes on train tickets, or you simply don’t want to spend the additional time travelling.”
The data shows that Newcastle is home to the largest cost saving for tenants who are willing to commute with a potential saving of £296 on the average Newcastle rent of £867.
That’s a 34% saving – or £10 for every minute they spend commuting.
Darlington ranks top with renters able to reduce their rental outgoings by £342 per month (-39%), followed by Durham with a £328 monthly saving (-38%).
With the average cost of renting in London the most expensive of the cities analysed at £1,672, it’s no surprise that the capital’s commuter belt presents the next largest saving for tenants.
The cost of renting in a town close to the capital is an £1,137 – or a potential saving of 32%.
That equates to a renter saving £17 for every minute they travel on the average 32-minute commute.
And with the current average rent in Luton coming in at £842, London’s tenants could halve their rental bill by 50% while saving £36 per month on the commute.
Ashford also presents a significant rental saving at £939 per month, 44% less than the average London rent.
Looking to the commuter belt around Leeds could see you cut your rental costs by -21%, with Halifax presenting the largest saving at £567 – 37% more affordable than renting in the city.
A commuter belt rental could save you £124 per month compared to renting in Manchester and £97 per month versus renting in Birmingham.
Although this cost saving does increase depending on which commuter town you opt for, with the cost of renting in Rochdale some 35% more affordable than Manchester, while Kidderminster is 17% cheaper than Birmingham.
However, renters in Liverpool may be better off staying put.
The average cost of renting across commuter towns surrounding the city is just 3% more affordable than the current Liverpool rent of £657 per month, equating to an average saving of just £1 per month for every one of the 28 minutes spent commuting.
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12:33 PM, 23rd February 2023, About 4 weeks ago
A rather misleading title "How tenants can reduce their rents in major cities" as the conclusion is that they need to move out of the cities in order to reduce the rents!
This is hardly news to anyone, it's simply saying if you want to pay a lower rent then move somewhere else (ignore the moving costs, commuting costs (and time), family upheaval, etc).
13:51 PM, 23rd February 2023, About 4 weeks ago
Ha ha yes and if you don't want to pay any rent at all, buy a house and pay a mortgage instead. Logical.
14:06 PM, 23rd February 2023, About 4 weeks ago
Thats assuming you want to settle there for a long period to make it worth buying and have a deposit and money for any expenses to buy and maintain the property....
Buying and renting are not the same, they have two very different objectives ,something a lot of people forget .
The Forever Tenant
14:07 PM, 23rd February 2023, About 4 weeks ago
This was something that I looked into about a year ago due to rents going up quite rapidly in Bristol.
I found that I could find properties for a few hundred less each month, but that saving would be eaten up and more by the commuting costs instead.
Moving to a cheaper area is not always the simple option it seems to be.
Old Mrs Landlord
22:17 PM, 24th February 2023, About 4 weeks ago
Reply to the comment left by The Forever Tenant at 23/02/2023 - 14:07In the Bristol area it does make sense if you can work from home two or three days a week but if you're a nurse or a bus driver, for instance, forget it. As you say, it's not always simple.