New figures have revealed the current average rental price in Peterborough.

Data shows that the cost has risen by almost £300 over the past decade.

In 2024, the figure is £895 per calendar month compared to £604 in 2015.

A spokesperson for Peterborough letting agent Symonds & Greenaway said: "Having worked in the market myself over this period, I’ve certainly seen a drastic rise in demand for rental properties in Peterborough.

"Over the last couple of years’ especially, as the hike in interest rates has seen the number of first time buyers reduce in the market, which has led to an increased number of people looking for rental properties.

"Post COVID-19 we found that a lot more people have started to work remotely, so it allowed families to relocate from bigger cities (London, Cambridge etc) to Peterborough, which further increased the demand for rental housing.

"Pressure on Landlord’s has also been tough in the last 12-18 months’ with many Landlord’s having to remortgage at extortionate rates and left with no choice, but to either sell the property or increase the rent to help sustain their increased costs.

"With the city continuing to grow, we do not see the demand for rental properties slowing down in the near future and there’s many exciting developments in the pipeline, which should help with the growing demand."

The full average monthly rental price breakdown is depicted in this map and below:

Peterborough:

  • 2015 - £604
  • 2016 - £626
  • 2017 - £657
  • 2018 - £686
  • 2019 - £714 
  • 2021 - £746
  • 2022 - £799 
  • 2023 - £827
  • 2024 - £895