Member Article

Rents vary £78 from Metro station to station

Moving just one Metro stop saves you an average £78 every month – and could save you as much as £595

This month’s Tyne and Wear Rent Map from property firm KIS – 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 that over the past four weeks rents have varied by an average of £78 from station to station.

Tynemouth (£775) remains the most expensive place outside of central Newcastle to rent, followed by West Jesmond (£763) which is marginally more expensive than neighbouring Jesmond (£762). South Gosforth (£688) returns to the top 5 at the expense of Whitley Bay.

Tyne Dock and Pallion (£375) are this month’s cheapest stations to rent near, followed by Heworth (£388) and Jarrow (£390).

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.

The research shows that the biggest single change in rent from station to station occurs between Manors and Byker, with a price difference of £595 a month. The smallest difference this month is the change of just £1 from Jesmond to West Jesmond.

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 month’s position in brackets) are:

1. Tynemouth (1) - £775
2. West Jesmond (3) - £763
3. Jesmond (2) - £762
4. Gateshead (-) - £700
5. South Gosforth (-) - £688

The cheapest five areas to rent on the other hand are:

1. Tyne Dock/Pallion (1/-) - £375
2. Heworth (3)- £388
3. Jarrow (5) - £390
4. Byker (1) - £411
5. Meadow Well (-) - £425

The largest differences from station to station are:

1. £565 (Manors to Byker)
2. £339 (Haymarket to Jesmond)
3. £272 (Haymarket to Newcastle Central)
4. £265 (Tynemouth to Cullercoats)
5. £261 (Tynemouth to Whitley Bay)

Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution D_Lighted responded to the figures:

He said: “We’re the first to admit that the highly geographically focused nature of this analysis makes a certain volatility in prices inevitable, but what’s really interesting to see even after just three months of research how rents prices change on the Metro Map from Month to Month.

“Back in November for example, Byker was the cheapest place to rent in Tyne and Wear. By January there were four places where you could live for less.

“Once again this data shows that you necessarily need to move across the region to save yourself a fortune in rent. Just a six minute bike ride from Simonside to Tyne Dock saves you £100 every single month – well over a thousand pounds a year!

“This sort of information will be more important than ever this year. Rents in the North East actually went down in 2015, but that won’t necessarily be the case in 2016. Many landlords are currently looking at stamp duty and tax relief changes and wondering whether now is the time to sell. Good news for buyers, but less competition and choice for renters.”

This was posted in Bdaily's Members' News section by Ajay Jagota .