London unsurprisingly remains the most unaffordable city to rent a room in the UK with the average cost in the capital increasing to £745 per month, but where has seen the biggest increase in the cost of renting a room?
According to the ideal flatmate’s latest Room Rental Index, which looks at the cost of renting a room across the UK’s major cities, Leeds has seen the largest increase in average room rental costs year-on-year and over the first quarter.
ideal flatmate analysed the cost of thousands of spare rooms listed on its platform looking at the differing cost of renting across each major UK city, each borough of the capital, and how this has changed.
The Room Rental Index for Q1 shows that the average UK room rental cost is currently £535 per month, up 11% since Q1 of last year.
Following London, Glasgow ranked as the second most expensive location, with the average room in the city costing £588 a month, followed by Bournemouth (£575), Cambridge (£562) and Leeds (£548).
While only ranking as the fifth most expensive, Leeds tops the table for both quarterly and yearly growth, with room rental costs up 32% and 50% respectively.
Tom Gatzen, co-founder of ideal flatmate, said: “A new year but a similar story where the UK rental market is concerned with the cost of renting continuing to climb as a result of the imbalance between high demand and insufficient stock levels.
“This trend is almost certain to persist over the coming year and the impending tenant fee ban could see this growth spike further as rental cost are used to recoup lost revenue.”
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Sincere thanks to the SNP loonies for causing Glasgow room rent rates to be second only to London. A flat I bought nearly 20 years ago for under £60000 with a £6000 deposit now generates £1500 per month, so a yield of 300% on my initial investment. For the first 15 years the rent stayed at £600 per month, but the SNP's war on both landlords and tenants has helped rents to soar in recent years.
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