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 £77 from stop to stop.
Tynemouth (£830) has overtaken West Jesmond (£713) as the Metro’s most expensive place to rent, with Jesmond (£786) moving into second place. Whitley Bay (£675), in fifth place, has also knocked South Gosforth out of the top five.
Tyne Dock (£373) and Heworth (£380) have fallen beneath Byker (£385) as the cheapest places to rent on the Metro closely followed by 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 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 (2) – £830
2. Jesmond (3) – £786
3. West Jesmond (1) – £713
4. Ilford Road (4) – £685
5. Whitley Bay (-) – £675
The cheapest five areas to rent on the other hand are:
- Tyne Dock (2) – £373
- Heworth (3)- £380
- Byker (1) – £385
- Jarrow (-) – £390
- Milfield (4) – £410
The largest differences from station to station are:
- £765 (Manors to Byker)
2. £350 (Tynemouth to North Shields)
3. £292 (Tynemouth to Cullercoats)
4. £258 (Haymarket to Jesmond)
5. £163 (Gateshead to Gateshead Stadium)
Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution D_Lighted responded to the figures:
He said: “Tyne Dock and Tynemouth might be two of the most similar sounding stations on the Metro Map but they literally couldn’t be further apart in terms of the cost of renting – a difference of one syllable in name and a difference of £6000 a year in rent.
“This month’s figures show too that you don’t need to move to a different area to see a striking variation in rent costs – just moving a five minute Metro journey across Gateshead could save you £40 every single week.
“With analysis as geographically focused as ours you are bound to see fluctuations in prices from month to month as just one uncharacteristically expensive or cheap property coming on to the market can skew the prices for the entire area.
“Nonetheless we’re constantly reviewing our methodology and hope as this project develops we’re going to produce some really valuable data for property renters and property investors alike.”
- Moving just one Metro Stop will save you an average of £77 a month in rent – and could save you as much as £795.
- Tynemouth most expensive place on the metro to rent, Tyne Dock the cheapest
- Biggest change between stations continues to be between Manors and Byker