The average rent in Britain has edged closer to £1,000 a month, the highest level in 13 years.
They now stand at £969 a month, rising 8.3 per cent in a year to December 2021 amid a shortage of supply, according to Zoopla.
But there are huge regional differences in rental prices and what type of property that amount of monthly rent will secure for a tenant.
As part of our Property Battle series, we take a look at two rental properties in different parts of the country that share the same rental price of £1,000 a month and ask which one would you choose?
Which of these two rental properties – each costing £1,000 a month – would you choose to live in?
The first is a studio to rent in South East London’s Crystal Palace with a large balcony, providing some sought-after private outdoor space in the capital.
The second is a six-bedroom end of terrace house in Tuebrook, a north-east area of Liverpool.
London estate agent Jeremy Leaf said: ‘How far you are prepared to go from the capital affects how much bang you get for your buck.
‘There is a trade-off between size and location – it could be that if you need to get to work in London you would be prepared to move as far as say Northampton but you wouldn’t be able to make Liverpool work.
‘That would be a shame in this case as the appealing six-bed rental in Liverpool has a lot going for it when compared with the London studio.’
Much also depends on the market. At the moment it is very much a landlord’s market, with very little rental property available for tenants.
Jeremy Leaf – estate agent
He added: ‘If you picked up the Liverpool house and put it anywhere in and around London it would cost you millions of pounds, even in the suburbs.
‘What we are finding is that people are shying away from houses that need work because of the cost of labour and materials.
‘You can’t with any certainty price things or know when you can get the work done.
‘This is is even more the case if you are renting – you ideally want the property done to a high standard. Renting is about convenience; tenants don’t want to be doing properties up unless it is a long-term let.
‘Much also depends on the market. At the moment it is very much a landlord’s market, with very little rental property available for tenants.
‘Sometimes landlords can get away with showing something that is not in great condition because there is so little available.’
This studio flat is in South East London’s Crystal Palace, less than half a mile from both Crystal Palace and Gipsy Hill train stations
1. Studio, London, £1k a month rent
This studio flat is in South East London’s Crystal Palace and boasts its own private outdoor space.
The large balcony is brightly coloured with decking stretching along the length of the floor, with sufficient space for an outdoor dining area.
It also has a separate triangle-shaped bathroom and has good access to local transport. It is less than half a mile from both Crystal Palace and Gipsy Hill train stations.
The spacious studio has room for a double bed, as well as a separate sofa and a dining area
The London studio boasts its own private outdoor area that has some brightly coloured walls and sufficient space for an outdoor dining area
There is a separate shower room with white and grey tiles and sloping roofline
It is available to rent unfurnished or furnished for £1,000 via letting agents Martin & Co
It is available to rent unfurnished or furnished for £1,000 via letting agents Martin & Co.
Daniel Copley, of Zoopla, said: ”This studio – complete with a small balcony in the heart of the bustling Crystal Palace triangle – may be compact, but it is perfectly placed for everything South East London has to offer.
‘Opposite a cinema and a few minute’s stroll from the huge Crystal Palace Park, this rented studio is ideal for someone looking to make the most of the prime location.’
This end of terrace property to rent is in Tuebrook, a north-east area of Liverpool
2. Six-bed house, Liverpool, £1k a month
By looking at areas outside of the capital, it is possible to make your rental cash stretch further.
This end of terrace property to rent in Tuebrook, a north-east area of Liverpool, has six double bedrooms and two bathrooms.
There is also a kitchen with space for an eating area and a living room with a corner sofa.
There is also a good-sized kitchen with enough space for a dining table and chairs
The living room currently has a large corner sofa lining two walls and facing the window
The property helps make your £1,000 a month rent stretch further as it has six double bedrooms
There are two bathrooms, including this well-presented one with a modern white bathroom suite
The Liverpool property is available to rent furnished for £1,000 a month via Northwood lettings agents
It is available to rent furnished for £1,000 a month via Northwood lettings agents
Local transport links include Wavertree Technology Park and Edge Hill train stations that are both around 1.5 miles from the property.
Mr Copley added: ‘If it’s space you’re after, this six-bedroom end of terrace house in Liverpool could provide ample space for a family thanks to the large bedrooms and plenty of natural light.
‘Available furnished, close to local schools and with outdoor space, there’s simply everything a large family might need already under one roof’.