With the cost of houses rising, and with mortgage approvals remaining low, more people are opting to rent a property, rather than buy their own home. The cost of renting depends not only on the type of property but the location, too. So just what can £500 per month get you on the rental market today?
Credit: Kari Shea
As Scotland’s capital city, Edinburgh rent is unsurprisingly, quite high. However, it is possible to find flat shares which come in at around £500 per month. Somewhat unexpectedly, Inverness in the Scottish Highlands is also one of the most expensive places to rent, thanks to its coastal location, 18th century charm, and access to the Cairngorms which are all major draws for many wanting a country life.
One Bedroom Flats & Studio Apartments
Reading, Cardiff, Bangor
In the Welsh capital of Cardiff, and in commuter cities like Reading, your £500 per month gets you a little more for your money; usually a one bedroom flat or a studio apartment. However, try to avoid newly developed areas, like Cardiff Bay, where rental properties tend to cost a lot more. While North Wales is typically more affordable than South Wales, student cities and towns like Bangor are still quite costly.
Two Bedroom Flats
Liverpool, Newport, Belfast, Derry
Despite being up-and-coming cities, Newport and Liverpool are some of the most cost effective for renters, especially if you opt to live further out from the centre (towards Bootle or Aintree in Liverpool, for example). In places like Belfast and Derry, you may be able to find very affordable 2 bedroom apartments, with reports claiming that rent in Northern Ireland is £150 less than the national average.
Renting in London
Of course, London is the most expensive place in the country (and one of the most expensive places in the world) to live. Even though reports show that rent in London is dropping, it’s still challenging to find something decent for £500 per month (as one student found out when they were offered a Harry Potter-style cupboard under the stairs!). In fact, experts are claiming that £500 rooms in London are ‘on the verge of extinction’. Figures suggest that just 7% of properties in the city centre cost £500 or less per month, although it’s much better news in the London suburbs, where £500 properties make up 34% of the market. For flat shares in the city centre, renters should be budgeting a more realistic £750 and over per month.