It takes just 12 days for the average York home to rent out, compared with a national average of 17 days, according to a new quarterly survey from Zoopla.
The property portal says being a tenant in York is becoming more affordable because the average rent in York increased by 3.3% in the 12 months to the end of September, whereas average national weekly earnings climbed by 4% during the same period.
Zoopla also calculates that the average rent in York is now £813 per month and that the average York tenant spends 36% of their income on rent. Across the country, average rents increased by 2% to £876 in the 12 months to the end of September and the typical renter spends 31.8% of their earnings on rent.
Zoopla’s national Rental Market report notes that rents are typically least affordable in areas that have seen growth in employment that is faster than the growth in housing supply, as well as towns and cities with a significant student population, and places with high house price to income ratios, which increases underlying demand for rental accommodation.
Anya Mathewson, Letters’ Managing Director, said the figures reflect York’s desirability as a place to live, and the fact that, along with the high number of students, many young professional people chose to live and work here.
“Competitively-priced rental homes of a high standard, such as the ones in Letters’ portfolio, will always be in high demand, which is why they don’t stay on the market long,” she added.
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