• West Jesmond most expensive station to rent near outside of central Newcastle – Percy Main the cheapest.
The Tyne and Wear Rent Map – showing 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 £72 from station to station.
This difference is a fall from the £86 recorded when research was last done six months ago.
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Drawn up by North East-based property firm KIS the map shows that the average cost of renting a home on the Metro Map is £571 – £6 more expensive than the summer - with a £702 difference between the £1097 a month it costs to rent near Monument station and the £395 it costs at Percy Main.
West Jesmond (£962) is the most expensive place outside of central Newcastle to rent, followed by Jesmond (£837) and Gateshead (£788).
Percy Main in North Tyneside (£395) is this December’s cheapest place to rent, followed by Byker (£401) and Tyne Dock (£413).
The map shows the typical cost per month of renting a two-bedroom property within half 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 £696 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. West Jesmond (-) - £962
2. Jesmond (1) - £837
3. Gateshead (3) - £788
4. Wansbeck Road (-) - £663
5. University (-) - £602
If these figures included central Newcastle, Monument and St James (£1097) would be joint most expensive, followed by Manors (£1096) and Haymarket (£1066).
The cheapest five areas to rent on the other hand are:
1. Percy Main (-) - £395
2. Byker (1) - £401
3. Chichester (-) - £413
4. Meadow Well/Wallsend (-/-) - £423
5. Bede/Hadrian Road (-/-) - £438
The largest differences from station to station are:
1. £696 (Manors to Byker)
2. £387 (West Jesmond to Ilford Road)
3. £322 (Central to Monument)
4. £229 (Jesmond to Haymarket)
5. £173(Byker to Chillingham Road)
Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution Dlighted responded to the figures:
The property expert said:
“When it comes to rents, Tyne and Wear really is a land of contrast. This month you can get two-bedroom properties for less than £300 a month in somewhere like Percy Main and Byker. Elswhere those same two bedrooms would cost you more than £2000.
“It all adds up, even when the prices differences from station to station aren’t that significant. On an average North East wage of just over £24,000 a year 29% of your income will go on rent in Tynemouth. Next door in North Shields the figure falls to 22% - a big difference in terms of saving for a home of your own or even just your quality of life.
“It’s little more than half a mile from West Jesmond to Ilford Road, but making the move could save you the best part of £5000 in rent and more than £500 just in your initial deposit.
“In highly focused research like this there’s bound to be a lot of volatility in the figures- as just one property coming onto or leaving the market can have an impact – but it’s quite striking that Whitley Bay and Tynemouth, traditionally two of our most expensive areas, have fallen back noticeably since the summer. It will be fascinating to see next time we run these figures if this is a blip of a trend.
“That’s the value of research like this and a reputable letting agent in general, particularly for the increasing number of investors looking to region. From station to station, and even street to street, where you invest can make a huge difference and a good local agent will be able to direct you to the right location.”