Tenants across six major cities could cut their monthly cost of renting by as much as half by looking to surrounding towns across the commuter belt, according to newly released data from estate and lettings agent, Barrows and Forrester.
An analysis was made of the current cost of renting across six major cities in England and how this cost compares to a number of towns within commuting distance and found that Newcastle is home to the largest cost saving for tenants willing to commute. The average cost of renting in towns surrounding the city currently sits at £571 per month, £296 less than the average Newcastle rent of £867.
That’s a 34% monthly rental reduction, saving renters an average of £10 for every minute they spend commuting.
Darlington ranks top, with renters able to reduce their monthly rental outgoings by £342 per month (-39%), followed by Durham with a £328 monthly saving (-38%).
With the average cost of renting in London the highest of all major cities at £1,672, it’s no surprise that the capital’s commuter belt presents the next largest saving for tenants. The cost of renting in a town within reaching distance of the capital currently averages £1,137, 32% more affordable saving tenants £17 per minute while commuting an average of 32 minutes.
With the current average rent in Luton coming in at £842, London’s tenants could halve their monthly rental bill by 50% while saving £36 per month for every one of the 23 minutes it takes to travel between the two.
Ashford also presents a significant rental saving at £939 per month, 44% less than the average London rent.
Looking to the commuter belt around Leeds could see you cut your rental costs by -21%, with Halifax presenting the largest saving at £567 - 37% more affordable than renting in the city.
A commuter belt rental could save you £124 per month compared to renting in Manchester and £97 per month versus renting in Birmingham.
Although this cost-saving does increase depending on which commuter town you opt for, the cost of renting in Rochdale is some 35% more affordable than Manchester, while Kidderminster is 17% cheaper than Birmingham.
However, renters in Liverpool may be better off staying put. The average cost of renting across commuter towns surrounding the city is just 3% more affordable than the current Liverpool rent of £657 per month, equating to an average saving of just £1 per month for every one of the 28 minutes spent commuting.
James Forrester, Managing Director of Barrows and Forrester, commented: “Despite a pandemic-induced fall in demand for city centre rentals during the early stages of Covid, the cost of renting across the nation’s major cities remains substantial and has continued to climb as normality has returned.
"This won’t help prospective and existing tenants who are already being squeezed by the cost of living crisis and broadening their search to the commuter belt could well save them a considerable amount when it comes to the monthly cost of renting.
"Of course, when doing so you also need to weigh up the wider quality of life an area can offer, along with the cost of commuting. You may find that renting further afield can make a real difference to your disposable income, but it might not be worthwhile if the majority of this goes on train tickets, or you simply don’t want to spend the additional time travelling.”