Belfast Telegraph

Belfast rent climbs 3.6% to average of £604 a month

Monthly private rental prices in Belfast have increased by 3.6% over the last year to reach £604 per month, according to a study. (Chris Radburn/PA)
Monthly private rental prices in Belfast have increased by 3.6% over the last year to reach £604 per month, according to a study. (Chris Radburn/PA)

By Staff Reporter

Monthly private rental prices in Belfast have increased by 3.6% over the last year to reach £604 per month, according to a study.

Property website Zoopla said the increase outpaced average national growth of 2%.

The average single person renting in Belfast now spends 25.7% of their earnings on rent - lower than the UK average of 31.8%. The average rent across the province as a whole is £587.

UK-wide, rents were rising fastest in Nottingham, with growth of 5.4% and Leeds and Bristol, which both grew by 4.5%.

Richard Donnell, research and insights director at Zoopla, said: "The supply of rented homes has an impact on rental growth. In regions and cities where supply is shrinking, the cost of renting is rising at an above average rate.

"Subtle differences in the dynamics of supply and demand can have a material impact on localised rental growth."

According to Zoopla, it takes 21 days on average to rent out a home in Belfast, higher than the UK average of 17 days.

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