AROUND THE BLOCK:THERE HAS never been a better time for the upwardly mobile to find the apartment of their dreams to rent in Belfast, according to a survey published today.
Average monthly rents in the city have fallen in the first quarter of 2010 to £544 (€626) which marks a drop of around 6.2 per cent compared to this time last year. According to online letting site Citylets, the house price slump in the North has proved to be a blessing for renters when it comes to rental prices. Average rents for one-bed properties fell by 4.4 per cent in the last year, to £455 (€524), while rents for two-bed properties fell 5.2 per cent to £510 (€587). Rental costs for three-bed properties fell by 8 per cent to £521 (€600).
Although rental prices may have dropped slightly there is still a massive difference in the prices that certain parts of Belfast can command. Highly sought-after areas (like the Malone Road, Stranmillis and the Rosetta and Windsor addresses) are still commanding top prices.
Malone continues to be top of the inspirational polls with monthly rents in the area at £923 (€1,063) per month. Stranmillis commands an average monthly rental of £786 (€905) which compares well to the least expensive average monthly rents in the city of £383 (€441) for the Woodvale area.
The drop in rents across the city reflects the downbeat pace of property sales across Northern Ireland. Latest statistics from the Nationwide building society show the North’s ailing property market is continuing to suffer the worst slump in house prices of any other region in the UK.
The average price of a house in the North has fallen to £134,435 (€155,000).
