Renting now a 'lifestyle choice'
Published 08/12/2011 | 08:00
Renting property in Belfast has become a "lifestyle choice" with prices in the city remaining strong, according to an online lettings company.
Citylets said private landlords drew an average £590 a month for the year to end of September - little changed on the same period a year ago.
Their latest quarterly report said rent for two-bedroom houses rose by 1.5% to £451 a month in the year to the end of September.
Citylets analyst Dan Cookson said a lack of affordable mortgages and a flagging local property market continue to prop up rent prices in the city.
"The property market in Northern Ireland has experienced unprecedented highs and lows in only a few years, but the rental sector, which hasn't been immune to some price volatility, has put in a much steadier performance," he said.
"Certainly, in Belfast, as in many parts of the UK and Ireland, renting is no longer a temporary solution for one particular generation.
"Renting has become a lifestyle choice."