The property market has been hit hard over the last few years as a result of the coronavirus pandemic, the cost of living crisis and most recently the impact of interest rates rises. House prices have continued to rise across the UK and many homeowners have recently seen an increase in their monthly mortgage repayments as a result of higher interest rates.
But it is not only homeowners who have been impacted recently, as tenants in the UK have also seen their rent costs rise as a result of high demand and a lack of supply.
According to Zoopla, the rental market continues to face a 'chronic imbalance' between supply and demand, with demand pressures being worsened by rising mortgage rates making it harder for first time buyers to get on the property ladder, leaving more people with no choice but to rent.
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Rising demand and a lack of supply is causing rent costs to rise rapidly, with rents up by 12.1 percent over the last 12 months to October 2022 - which on average is an increase of £117 per month or £1,400 a year.
Rents are increasing fastest in the largest UK cities, such as Manchester, where rents have gone up by 15.6 percent in the last year alone. Increased rental prices are putting pressures on affordability, which measured against average earnings, is now at its highest level for a decade at 35 percent.
But it's not just Manchester city centre where rents have soared, as all across Greater Manchester, the numbers speak for themselves. Rent costs in each of the region's 10 boroughs have climbed in the last six months - with a huge jump from what they were back in June 2022.
Using the latest figures from Zoopla's rental market report, we've looked at what it currently costs to rent a home in each area of Greater Manchester compared to the costs recorded by Zoopla six months ago - and the difference is staggering.
The data is based on the average monthly rent for all property types in each borough.
Rochdale
As it stands, Rochdale is currently the cheapest borough to rent a home, with the average rent cost at £800 per month.
Back in June 2022, Rochdale was the second most affordable borough for rental properties, with an average cost of £634, therefore this has increased by £166 in the last six months.
Bolton
At the moment Bolton is the second cheapest area for rent costs in Greater Manchester. Back in June 2022, Bolton was the third most affordable area to rent - but that doesn't mean that prices have gone down.
In fact, the average rent cost in Bolton six months ago was £641, but this has risen by £259 in the last six months with the average monthly rent now at £900.
Tameside
Rent costs in Tameside have increased by £212 a month since June 2022.
Monthly rent costs in the borough were recorded at £688 six months ago, but the current average rent in Tameside is now £900 per month.
Wigan
Wigan has seen rent costs soar over the last six months, with the borough no longer considered affordable to rent.
Back in June 2022, Wigan was the cheapest part of the region to rent with average rent costs at £606 a month.
Now this has gone up by £494 a month with the average rent now costing £1,100 in the borough.
Stockport
Rent prices in Stockport are now the same as in Wigan, with the average rent costing £1,100 per month.
Since June 2022 rent costs have gone up by £270, as six months ago it would cost £830 per month to rent a home in the borough.
Salford
You could expect to let a property in Salford for an average price of £864 per month six months ago.
Due to soaring rent costs, this has now shot up to £1,300 - an increase of £436 since June 2022.
Trafford
Trafford has always remained the most expensive area to buy a house in Greater Manchester, and in June 2022, it was the most expensive borough to rent too.
But after looking at recent rent prices, Trafford now stands as the fourth most expensive borough for rent costs having been overtaken by other areas.
The average monthly rent in Trafford six months ago was £946, but this has now gone up by £454 to a whopping £1,400 a month.
Manchester
Rent prices in the Manchester borough have always been considerably higher than other parts of the region due to the increasing cost of renting a flat or apartment in the city centre.
But the average rent costs in Manchester have now become even more expensive having soared by £656 per month since June 2022.
The average rent in Manchester is now £1,600 per month which has gone up from £944 six months ago.
Oldham
In another surprising turn, rent costs in Oldham have gone up by a staggering £1,156 per month.
Six months ago Oldham was sat on the cheaper end of the rental market, with the average property costing £644 a month to rent, but this has now jumped up to £1,800 a month making it one of the region's most expensive areas.
Bury
Bury was on the pricier end of the region's rental market six months ago, with the average cost of rent at £736 a month back in June 2022.
But Bury has now overtaken Trafford as Greater Manchester's most expensive area for tenants, with the average monthly rent now a huge £1,900 per month having gone up by £1,164 per month - the biggest increase of all boroughs.
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