Leeds Rental Market: The Complete Guide

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Leeds Rental Market: The Complete Guide
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The Leeds rental market thrives due to its growing population, including around 70,000 students and numerous working professionals who are renting for longer. And that’s despite ongoing price increases as demand continues to outstrip available housing stock!

But unfortunately, navigating such a competitive market can prove stressful. So, if you’re a prospective tenant seeking the right neighbourhood or an investor considering the buy-to-let market, look no further. This guide will reveal some of the city’s popular rental areas and what you can expect to pay as a resident. We’ll also touch on why investing in a buy-to-let property in Leeds may be worth it. As well as what to do if you’re ready to sell up. Let’s dive in!

Best areas for renting in Leeds

City centre – LS1

From the Northern Quarter to the recently restored Leeds Dock, centrally located rentals put you at the heart of the action. The city’s best shops, restaurants and entertainment venues are all within walking distance – ideal for students and young professionals. Better yet, you’ll have a choice of modern developments in newly regenerated areas, luxury serviced apartments and more. As a result, the city centre is a firm favourite when it comes to the Leeds rental market. Interested? Rents here currently average around £1,311 per month.

Horsforth – LS18

Horsforth is Popular with families, just 5 miles from the city centre. Consistently voted amongst the best places to live in Leeds, it boasts a village-like community feel, good schools and parks. Not to mention a bustling high street with many shops, places to eat, and a regular farmers’ market. Horsforth also has a local train station, and it’s only a short drive from the airport. With that in mind, renters here can expect to pay £1,369 on average.

Roundhay – LS8

Like getting outdoors but want to be within easy reach of Leeds city centre? Then Roundhay could be perfect. Located just 3 miles out, this family-friendly suburb is home to Roundhay Park with its sports pitches, lakeside walking trails, playgrounds and more. You’ll also find several top-rated schools, independent pubs and restaurants that cater to all preferences. Houses here tend to be pretty spacious, with many 3-bed homes and larger flats available for rent. Yet this postcode remains relatively affordable, with rents now averaging £936pcm.

Kirkstall – LS4/ LS5

Known for its ruined abbey and surrounding grounds, Kirkstall is a hotspot for commuters. Well connected via public transport, you can reach Leeds centre in only 10 minutes. Yet, the suburb has its own distinct identity. Aside from its historic park and local nature reserve, you will find a large retail park, local brewery and independent pubs and cafes. Plus, there are many sports facilities, from tennis courts to a 24-hour gym. Homes here are a mix of new builds and terraces (lots have loft conversions), rented for £939 – £1,460pcm, depending on area.

Chapel Allerton – LS7

Want to rent in a trendy area of Leeds with a great arts scene and welcoming feel? Then Chapel Allerton is the obvious choice. Just a 10-minute drive from the city centre, this unique suburb feels a world away. Here, residents benefit from independent bookshops, cafes and boutiques, as well as arts clubs, public allotments, monthly markets and original heritage buildings. This also extends to the Leeds rental market, with spacious flats, Victorian villas and early 20th-century terraces available. Sound good? Rents in this postcode average at £1094pcm.

Headingley – LS6

Located just north-west of the city centre, Headingley is a popular student neighbourhood with a wide range of rental options. This bustling area is home to Leeds Beckett’s main campus, Headingley rugby and cricket stadium, and a thriving social scene. It also offers excellent transport links for commuters, including bus and train connections to the city centre. The Headingley rental market is booming, featuring mostly Edwardian and Victorian terraces, and homes here are highly sought after. As such, rents here now average £1,893.

*Rent prices based on data from Home.co.uk

Average rent prices in Leeds

In a recent study, JLL reported that renting a home in Leeds now costs almost 30% more than in 2020. And yet, that doesn’t seem to have deterred tenants, with more and more people returning to city life following the pandemic. There’s even a shortage of rental properties in the city, which has pushed the average rent rate in Leeds up to £1,457pcm

That’s just over £200 more than the national average but still significantly less than London prices, which now top £2,000. Unsurprisingly, one-bedroom properties cost the least to rent at £955pcm, while sought-after 3-bed family homes average £1,448pcm. And if you can’t stretch to an entire flat or house, you could opt for a room instead – many include bills, too.

Of course, these Leeds rental market figures are slightly skewed by the premium rates you’ll find in the city centre and affluent outer suburbs. Meanwhile, inner suburbs like Holbeck and Hunslet to the south cost less but have higher crime rates. For the best of both worlds, Pudsey, Guiseley and Morley offer a good balance of affordability and accessibility. In these commuter towns, you’ll pay an average rent rate of £866 – £969pcm while still being nearby.

The council tax you can expect to pay in Leeds

On top of rent and bills, you’ll also need to consider council tax fees when weighing up your options. Whether you’re a homeowner or renter, you’ll be charged a fixed rate (broken down into monthly payments) based on your property’s council tax band. Factors influencing the band include your home’s value, size and location, so smaller properties usually face lower fees. But there are no hard and fast rules, and each council is different.

As of 2023/24, you can expect the following annual council tax charges in Leeds:

 A – £1,305.59

B – £1,523.19

C – £1,740.78

D – £1,958.39

E – £2,393.58

F – £2,828.78

G – £3,263.98

H – £3,916.78

 Not sure which band your home fits into? You can check your address online here.

Why should you invest in buy-to-let property in Leeds?

Thinking of purchasing a buy-to-let home and renting it out to generate an income? Then investing in a Leeds property is a great option. According to the latest census data, private renters make up 21.8% of all households across the city. And with more than 810,000 people now living in the city, that’s quite an impressive rental market to target! And don’t forget, resident numbers are rising each year, and Leeds is also home to a huge student population.

If that wasn’t enough, Leeds also offers excellent rental yields of around 7%. And they’re even higher close to the city centre – over 9% in LS3 and LS4. Meanwhile, the average UK rental yield is just 5.49%, despite house prices falling and rent prices continuing to increase.

Are you keen to learn more about this West Yorkshire city’s buy-to-let potential? Check out our dedicated investing in Leeds guide.

Looking to sell a tenanted property in Leeds?

On the other hand, if you’re ready to leave your landlord responsibilities behind, we can help. Own a buy-to-let property left in poor condition, and now you’re struggling to find a buyer? Or maybe you need a quick sale for personal reasons, but you still have tenants in situ?

Whatever the case, we can help you sell a tenanted property in Leeds (or a vacant one) in a timeframe that suits you. If required, you could even have the funds in your account in as little as one week! Generate a free cash offer online now to see what your property could be worth and get the ball rolling. Alternatively, give us a call on 0800 774 0004 for a 1:1 chat.

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