A recent analysis by Rightmove has revealed that St Albans is now the most expensive city to rent in outside of London, with tenants paying an average of £2,307 per calendar month (pcm). This is 71% above the UK average, highlighting the continued growth in rental prices across the country, especially in desirable locations.
As students prepare to begin the new academic year, the report also shines a light on the rising rental prices in university cities across the UK. While St Albans tops the list of the most expensive areas, Carlisle stands in stark contrast as the most affordable city to rent, with an average rent of just £791 pcm—41% below the national average.
The analysis shows that the average advertised rent outside of London has now reached a record high of £1,349 pcm. Although the annual rate of rental growth has eased to 5%, down from the 12% peak recorded in 2022, the demand for rental properties remains strong.
Tim Bannister from Rightmove commented: "The rental divide across Great Britain is clear, with an average difference of just over £1,500 between the most expensive and cheapest cities. Many of these cities have seen rental growth of over 40% over the past five years, meaning it’s likely to be a significant consideration when students are thinking about where to study, and those who have already graduated working out if they can afford to stay in that city and find a job."
For investors, this data presents a clear picture of the growing demand for rental properties, particularly in high-growth areas like St Albans. The ongoing rise in rental prices, combined with strong demand from students and professionals, presents a lucrative opportunity for buy-to-let investors to enter the market and achieve strong returns.
At Magnate Assets, we help investors capitalise on this demand by identifying prime rental locations across the UK that offer both high rental yields and potential long-term capital growth. Whether you're looking to invest in university cities or more affordable regions like Carlisle, we can provide tailored advice to ensure you maximise your returns in the UK property market.
If you're considering investing in the UK rental market, now is an opportune time to explore the options available and take advantage of the continued growth in rental prices. Let Magnate Assets guide you through the process and help you secure a profitable property investment.