- Moving just one Metro stop saves you an average £66 every month – and could save you almost £500.
- Jesmond is still the most expensive place to rent outside of central Newcastle – Jarrow the cheapest.
This month’s Tyne and Wear Rent Map – 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 rents varying by an average of £66 from station to station.
Drawn up by property firm KIS the map shows that the average cost of renting a home on the Metro Map is £560, with a £545 difference between the £938 a month it costs to rent near Haymarket and Monument stations and the £393 it costs at Jarrow.
Jesmond (£808) has retained its positon as the most expensive place outside of central Newcastle to rent, followed by West Jesmond (£726) and Tynemouth and Gateshead (£723).
Jarrow (£393) is the cheapest place to rent, followed by Tyne Dock (£399), Wallsend (£412) and Hadrian Road (£413).
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 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 £477 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:
- Jesmond (1) – £808
- West Jesmond (3)- £726
- Tynemouth/Gateshead (2/4) – £723
- Whitley Bay (-) – £673
- Cullercoats (-) – £660
If these figures included central Newcastle, Haymarket and Monument (£938) would be joint most expensive, followed by Central (£935) Manors (£900) and St James (£893)
The cheapest five areas to rent on the other hand are:
- Jarrow (-) – £393
- Tyne Dock (2) – £399
- Hadrian Road (-) – £413
- Chichester/Byker (-/1)- £423
- Meadow Well (5) – £425
The largest differences from station to station are:
- £477 (Manors to Byker)
- £235 (North Shields to Whitley Bay)
- £212 (Gateshead to Central)
- £148 (Gateshead to Gateshead Stadium)
- £130 (Haymarket to Jesmond)
Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution Dlighted responded to the figures:
The property expert said:
“Location, location, location is one of the classic golden rules of property, but month after month I’m still struck by the fact that people are prepared to pay as much as £5724 a year to live in a particular area.
“To put that into context Metro journey of three or four minutes – or even a bike ride of a little more than five – from Gateshead to Gateshead stadium is worth almost £2000 a year in rent.
“It’s not just the rents that cost, it’s deposits too. If you want and can live in the heart of Newcastle, you’re not just going to have to find the best part of £1000 every month in rent, the chance you’ll need to find £1407 just to move in.
“Research this week suggests there are only five places in the UK were renting is cheaper than buying and none of those are anywhere near the North East. One of the major stumbling blocks to buying a home is all-too often the difficulty buyers have in saving up a deposit, and extra costs like deposits can really make a difference to people’s ability to save.”