Typical rents in York have increased by an average of 38.1% between 2014 and 2019, rising from £749 per month to £1,034, according to new research.
A study by Ideal Flatmate reported that York has shown the strongest rental price growth across the UK during the last five years, which is encouraging news for landlords.
But Letters Managing Director Anya Mathewson cautioned that the figures are probably distorted by the higher short-term rents charged for holiday lets as well as student housing, and therefore unrepresentative of the true picture for tenants in York.
She said: “York has indeed shown a healthy rental growth over the last five years, reflecting the fact it’s consistently rated one of the best places in the country to live and work, as well as visit.
Average rent “closer to £850”
“But I’d say the average rent in York is probably closer to £850 per month, if you exclude the short-term lets. That still represents a healthy rise over the figure five years ago, just one that’s easier for tenants to meet.”
The research was carried out by Ideal Flatmate, a company which enables house sharers to find compatible people to live with by matching them using a unique algorithm.
Its report, based on figures from government and the Ulster University, said York’s 38.1% rental rise over five years compares with an average 15.6% growth over England during that time. It bucks the trend in the Yorkshire and Humber region as a whole, which saw the lowest regional rental rise over five years – 10.1%.
The city faring the worst over the last five years is Aberdeen, where rentals have dropped by an average 21.7%. Landlords in Leeds have also lost out, with average rents dropping by 18.1% over the same period.