Live here for £3,000 a month in Norwich - ranked one of the UK's most pricey rental cities
PUBLISHED: 18:33 16 October 2019 | UPDATED: 08:49 17 October 2019
A penthouse is available to rent for almost £3,000 a month in Norwich which has been listed as one of the most expensive cities in the UK to be a tenant.
Nottingham, where rents have gone up by 5.4% over the past year was the most expensive, according to a new report closely followed by Leeds and Bristol, both up 4.5%.
But Norwich has seen rentals soar by 2.8%, with the average monthly rent now hitting £759.
The list of the top 20 most expensive cities saw Norwich rank joint 11th by Zoopla.
The report also showed in Norwich people spend just over a quarter of their earnings on tenancies compared to the worst offender, London where nearly half of people's average wages goes on renting their home.
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The survey also found some key facts including:
- 40% of private renters are aged 35-55 and more than a third have dependent children
- The average age of people renting is 16-35 who do so before buying a home
- A lack of new affordable housing supply has resulted in more people renting
The report also blames the fact many people cannot afford to buy a house on the rental rise. Earlier this week the House Price Index was published which shows on average, house prices have risen by 0.8% since July 2019. There has been an annual price rise of 1.3%, which makes the average property in the UK valued at £234,853.
In Norwich, one of the most expensive rental properties on the market is currently The Malt House in King Street, available for £2,950 per calendar month, which has been available for almost a year. The three bedroom penthouse set over three floors has three bathrooms, panoramic views from two balconies as well as secure parking and a projector cinema television.
Renting a room only has gone up - one house on St Mildreds Road, west Earlham, with five bedrooms, is available for £325 per calendar month a room. Luxury student accommodation works out at £585 per room in Crown Place, Surrey Street, but these come with extra facilities such as a cinema, gym and games room.