Downturn squeezing rents
The number of lettings and monthly rents have both fallen in the first half of 2010, according to the latest private rental report from the Northern Ireland Housing Executive (NIHE), in partnership with PropertyNews.com and the University of Ulster.
The report is based on a sample of 3280 rental transactions during the first half of 2010 from www.propertynews.com .
There was a decline of about 19% in the number of properties let in the Belfast Metropolitan Area in the first half of 2010 compared to the previous six months.
The overall average rent per month for the Belfast Metropolitan Area in the first half of 2010 was £560, with rents approximately 3.6% lower than those in the second half of 2009.
At the Belfast City Council level average rents have shown half yearly decline of 4.2% with the average rent now £568. The highest rental locations are Belfast City Centre and South Belfast and the lowest is North Belfast.
The report indicates that average rental prices are down 2.3% with the exception of semi –detached properties which have seen rental growth over the year of 2.1%. Terrace/townhouses make up 40% of the market, apartments 33%, semi detached 17% and detached 10%.