Rents for new lets have risen by an average of £1,320 over the last year. It’s driven by rental demand sitting 51% above the five-year average, while the availability of rental homes is down 30% compared to normal for this time of year.
This supply and demand mismatch has pushed rents 10.5% higher over the last 12 months - although this is a little slower than the 12.1% growth we saw a year ago.
With rents still rising and the cost-of-living squeeze pushing all our purses to the limit, you might be looking for a cheaper home to rent.
The good news is there are some places where it’s much cheaper to rent a home than others.
Let’s take a look at the regions, cities and local areas with the cheapest rents in the UK.
The cheapest places to rent in the UK - regions
For the cheapest rents in the country, set your sights on the North East - tenants spend an average of £649 per month on rent here.
Rents in the South of England are much more expensive than anywhere else in the country.
|Region||Average rent||Annual % change|
|Yorkshire and the Humber||£758||+8.4%|
|East of England||£1,111||+9.8%|
The cheapest UK cities to rent a home in 2023
Just because you want cheaper rent, it doesn’t mean you have to move out to the sticks.
The cost of rent varies a huge amount across UK cities, with Belfast, Liverpool and Sheffield offering the cheapest average rents.
In Belfast, rents are currently averaging £759 per month - plus it has affordable living costs compared to mainland Britain.
Renters in Liverpool are paying £764 per month to live in the UK’s friendliest city, where rents have risen 8.7% in the last year.
The only other major city where rents are below £800 per month is Sheffield, the vibrant Yorkshire city that’s home to a lively student scene.
In southern cities, you can expect to pay higher rent than anywhere else in the country. London and Bristol have the highest monthly rents of any UK city, with Southampton also posting an expensive average rate of £1,057.
|City||Average monthly rent||Annual % change|
The cheapest places to rent in every region
Getting cheaper rent doesn’t mean you have to move to a whole new part of the country, either.
Here’s a breakdown of the cheapest districts to rent in each UK region. It might be that you could get a cheaper rent just by moving a few miles.
|Region||Cheapest local authority to rent||Average monthly rent|
|East Midlands||East Lindsey||£626|
|East of England||Waveny||£724|
|South East||Isle of Wight||£862|
|South West||North Devon||£753|
|Yorkshire and the Humber||Hull||£578|