Belfast rents rise by 4%
Fears of a further fall in Northern Ireland house prices, job worries and stricter bank lending helped push average property rents in Belfast up 4% in the second quarter of 2010, a new report reveals.
The report by online lettings site, Citylets, shows that tenants in Belfast and Greater Belfast were paying on average £564 a month during the three months to end-June up from £544.
Properties were also snapped up quicker, within 48 days from 57 days during the first quarter.
Citylets.co.uk analyst Dan Cookson said: “The deflation of Northern Ireland’s property market bubble, worries over job security and tougher lending criteria for first-time buyers continues to have a positive impact on demand from prospective tenants, who feel that these challenging economic times mean renting is the better or indeed only option.”