Newcastle is a city that has it all – fascinating culture, history, buzzing nightlife, retail and restaurant scenes, great job opportunities, top sports teams… the list goes on and on. Despite its many plus points, this iconic north-eastern city is still very competitive for renting and buying property. But is this about to change? We examine the rental market and highlight some of the best apartments to rent in Newcastle.
Living in Newcastle
Before we dive into the state of Newcastle’s rental market, it’s worth recapping what makes this such a desirable place to live.
Newcastle is one of the biggest and most prosperous cities in the north of England. While shipping and industrial works were the economic lifeblood of Newcastle in past decades, it has reinvented itself as an innovation hub. Today, the city hosts an expanding list of tech-focused companies ranging across the finance, retail, healthcare, pharmaceuticals, fashion sectors. This only scratches the surface, however, as Newcastle is a truly diverse employer.
It’s also a very convenient place to live and work. Newcastle enjoys a well-integrated transport setup, which includes its own metro network with great coverage across the city. Newcastle Central Station is also a sizeable railway hub that lets you access the rest of the northeast easily. It also offers direct links to both London and Edinburgh.
In terms of entertainment and activities, Newcastle is a gold mine. It has a constantly evolving nightlife scene that caters for every taste. From chilled drinks in relaxing wine bars to full-on clubbing extravaganzas, you won’t be disappointed by a night out on ‘The Toon’! Newcastle packs its calendar with outstanding festivals, community events and general goings-on both big and small. The Newcastle Pride Festival, North East International Film Festival, and music festival Hit the North are just a few examples of the kind of shows this city puts on for visitors and residents alike.
Newcastle’s rental market boom
As mentioned, Newcastle is still a highly competitive property market. Zoopla placed the October 2022 average property price for Newcastle at £221,133. With the national average recorded in October 2021 as £292,000 by the ONS, this demonstrates great value for money.
As the UK recovers from COVID-19, the pent-up demand for housing is back in full force. This is being felt even more strongly in popular cities like Newcastle. One property market report in August 2021 said that while Newcastle property values had risen by £11,900 in the previous 12 months, available homes on the market had fallen by 37%.
This is a massive supply/demand imbalance, and it has continued into 2022. One of the ways Newcastle homeowners are trying to get around the shortage is to sell their home while renting something in the short term. This way, they can cash in on high market prices, and pick their time for buying their next home more carefully.
At the same time, rental properties are becoming even more desirable for young professionals moving into the city. Together, these factors are pushing average rents up in Newcastle, to just over £1,000 per calendar month.
Regardless, for now, Newcastle still represents excellent value for money whether you rent or buy.
Apartments to rent in Newcastle: top-rated developments
If the idea of renting in Newcastle has appeal, then now is the time for a closer look at the market. The following rental-only developments are among the top-ranked in the city. As always, our ratings are determined by the only opinions that really matter – those of the tenants themselves!
Take a look at some of the best apartments to rent in Newcastle. These two developments are emblematic of the quality and affordability of rental prospects in the city right now.
*PLEASE NOTE these rankings take into account how many reviews a scheme has and how recently those reviews have been submitted, so may not match the overall star ratings shown. Buildings with a larger number of more recent reviews are given a greater weighting to reflect current building performance.
The Forge is not just the top-rated rental-only block in Newcastle, it’s the top-rated development in the city, full stop! Previously owned by Moorfield, The Forge was bought by Grainger in 2021. It’s situated at the heart of Stephenson Quarter, right next to Newcastle Station. It comprises 283 one, two and three-bedroom apartments, all of them pet-friendly. Residents also have access to a range of excellent on-site facilities and amenities. These include a 24-hour concierge service, a private gym and expertly landscaped courtyard gardens. In addition, apartments are available in furnished and unfurnished options and come in modern designs with premium furniture packages.
4.06 (15 reviews)
4.06 (15 reviews)
Second for rental-only properties, and third-best in the city overall, Northumbria House was developed by Omnia Property Group and delivers a range of one and two-bed apartments, all featuring a fresh, modern design setting that makes great use of natural light and is sure to suit young professionals. Situated in Gosforth, the development is a few minutes away from the high street, allowing residents to easily access everything the area has to offer.
If the thought of renting in Newcastle has piqued your interest, take a look at our dedicated area guide. Here you’ll find lots of background info on the city, its culture and its upcoming property prospects. Happy hunting!
HomeViews provides verified resident reviews of the UK’s housing developments. We’re working with developers, house builders, operators, housing associations and the Government to recognise high performers and help improve standards in the built environment.
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