Leeds and Cardiff rank below London for affordable rental availability

The latest research by London lettings and estate agent, Benham and Reeves, has revealed that tenants in Leeds and Cardiff have less choice of rental properties priced below the local average than those searching in London, despite the capital being the most expensive rental market of the major British cities analysed.

Benham and Reeves analysed current market rental listings, using the average cost of renting as a benchmark, to reveal which cities offered the highest proportion of available stock at a lower average rent than the wider average benchmark.

The research shows that, across Great Britain as a whole, the average monthly rent currently stands at £1,418. However, of the 129,637 rental properties currently available, 66,053 are listed for less than this amount, equating to 51% of all available rental stock.

London offers greater choice than Leeds and Cardiff

London remains the most expensive rental market of the 15 major cities analysed, with an average monthly rent of £2,338.

However, despite this considerably higher cost of renting, the capital ranks ahead of both Leeds and Cardiff when it comes to the proportion of available rental properties priced below the local average.

Of the 32,942 rental properties currently listed across London, 13,087 are available for less than the capital's average monthly rent, accounting for 39.7% of all available rental stock.

In contrast, Cardiff ranks as the city offering the least choice of rental properties below the local average, with just 29.9% of available listings priced below the city's average monthly rent of £1,179.

Leeds ranks second from bottom, with 39% of available rental properties listed below the city's average monthly rent of £1,148.

While London remains a challenging rental market for tenants on tighter budgets, the findings demonstrate that higher average rental costs do not necessarily mean a more limited choice of properties available below the prevailing local average.

Liverpool, Manchester and Leicester offer the greatest choice of below-average rents

At the other end of the table, Liverpool offers the greatest choice of rental properties priced below the local average. With an average monthly rent of £916, some 64.9% of available rental properties in Liverpool are currently listed for less than this amount.

Manchester ranks second, with 62.4% of available rental properties advertised below the city's average monthly rent of £1,380.

Leicester completes the top three, with 61.9% of available rental properties listed below its average monthly rent of £1,020.

Director of Benham and Reeves, Marc von Grundherr, commented:

"Average rental figures are often used to demonstrate just how expensive it has become to rent in Britain's major cities, but they only tell part of the story and can paint a rather daunting picture for prospective tenants.

The reality is that there is often far more choice available than these headline figures suggest. Even in London, where the average monthly rent is considerably higher than anywhere else, around 40% of available rental properties are listed below the capital's average.

Of course, finding the right property at the right price can be challenging, particularly in competitive urban rental markets. This is where a good letting agent can make a real difference, helping tenants assess their needs, preferred locations and budget, while providing a much clearer picture of what's actually available rather than relying on headline averages alone."