Sheffield rent prices: Cost to rent privately in city leaps 9% in one year, ONS data shows
It comes as Propertymark, which represents estate agents, said selling property or turning to the short-term letting market is becoming a "more attractive" option for landlords.
Provisional figures from the Office for National Statistics show the average private rent in Sheffield reached £863 per month in the year to October – up nine per cent from £792 a year prior.
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It was also up 30 per cent from an estimated £665 a month five years ago.
The figures also show the different costs for various homes in Sheffield, from £635 for a one-bed property to £1,258 for a home with four or more bedrooms in October.
Among the property types in the area:
- A detached house cost £1,161 to rent per month
- A semi-detached cost £918 per month
- A terraced house was £853 per month
- And a flat or maisonette was £716 a month
Valuation Office Agency rent officers collect prices from a variety of sources, including landlords and letting agents, with the aim to collect data on approximately 10 per cent of the market.
Across Yorkshire and The Humber, the average rent was £801 – rising six per cent from the year before.
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Hide AdYork had the highest rental cost in the region at £1,104 per month, while the lowest was in North East Lincolnshire at £574.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "Getting good news about your rent is about as common as discovering your housemates have washed up for you, or your landlord suggesting you get a dog.
"It means for many, the only way out of the endless cycle of rising costs is to buy, but this is far easier said than done when rents absorb so much of your income."
In October, the average private rent in Great Britain was £1,307 per month. This was £105, or nine per cent, higher than 12 months ago.
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Hide AdNathan Emerson, chief executive at Propertymark, said: "As we continue to see a further increase in rental prices across the UK, our members continue to emphasise key concerns regarding the ongoing trend of lack of rental stock versus an ever-growing number of tenants looking for homes.
"Selling up altogether or turning to the short-term letting market is becoming a more attractive option for landlords due to the challenging legislative changes and increased financial liabilities they face."
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