"It’s no surprise that more and more investors are looking to the region, ultimately meaning more competition and a better deal for renters."
This month’s Tyne and Wear Rent Map – which shows what the Metro Map would look like if the names of the stations were replaced with the average monthly cost of renting a home there – shows rents varying by an average of £86 from station to station.
This difference is 24% bigger than the £66 recorded in May.
Drawn up by property firm KIS, the map shows that the average cost of renting a home on the Metro Map is £569 – 1.6% higher than four weeks ago - with a £779 difference between the £1150 a month it costs to rent near Haymarket station and the £371 it costs at Tyne Dock. Jesmond (£913) has retains its position as the most expensive place outside of central Newcastle to rent, followed by West Jesmond (£863) and Gateshead (£788).
Tyne Dock (£371) replaces Jarrow (£400)as the cheapest place to rent, followed by Hadrian Road (£420) and Wallsend (£423).
The map shows the typical cost per month of renting a two-bedroom property within a quarter of a mile of every one of the Metro’s 60 stations – revealing which areas are Tyne and Wear’s property hotspots and where renters can find a bargain.
The research shows that the biggest single change in rent from station to station continues to occur between Manors and Byker, with a price difference of £521 a month.
The research shows that excluding central Newcastle, the top five most expensive places to rent in Tyne and Wear on a per calendar month basis (last report’s position in brackets) are:
1. Jesmond (1) - £913
2. West Jesmond (2)- £863
3. Gateshead (=3) - £788
4. Tynemouth (=3) - £763
5. South Gosforth (-) - £698
If these figures included central Newcastle, Haymarket (£1150) would be joint most expensive, followed by Manors (£971) and Monument (£950).
The cheapest five areas to rent on the other hand are:
1. Tyne Dock (2) - £371
2. Jarrow (1) - £400
3. Hadrian Road (3) - £420
4. Wallsend (-)- £423
5. Heworth (-)- £426
The largest differences from station to station are:
1. £521 (Manors to Byker)
2. £303 (North Shields to Whitley Bay)
3. £263 (West Jesmond to Ilford Road)
4. £237 (Jesmond to Haymarket)
5. £215 (Felling to Gateshead Stadium)
6. £213 (Tynemouth to Cullercoats)
7. £200 (Haymarket to Monument)
8. £160 (Gateshead to Gateshead Stadium)
9. £148 (Bank Foot to Callerton Parkway)
10. £123 (Cullercoats to Whitley Bay)
Ajay Jagota, Managing Director of KIS, responded to the figures: “Month after month it’s astounding how much difference our Metro Map analysis reveals about Tyne and Wear rents on an almost street-to-street basis. It’s little more than half a mile from West Jesmond to Ilford Road, but making the move could save you in the region of £400 in your rental deposit – and over £3000 a year in rent.
It’s also very interesting to note that for all the talk of rent rises slowing as landlords await the result of next week’s referendum, or even anxiety at the prospect of Brexit, rents in Tyne and Wear appear to have risen by 1.6% - or £108 a year – in four weeks. All of this is more evidence of a healthy outlook for the private rented sector in the North East, regardless of next week’s result. Just this week the Financial Times reported a surge in landlords looking North for better value investments while research showed university towns to be landlords’ second best bet for a strong return on their investment.
With no less than three universities within Metro Map – one with its very own station – it’s no surprise that more and more investors are looking to the region, ultimately meaning more competition and a better deal for renters.”
