Published Thursday, 02 February 2012
More people are turning to the rental market, but are hunting for cheap deals. (© Citylets)
According to a Citylets report, average private rents in Belfast City and Greater Belfast are about £570 per month - which is actually up by about 2% on the year.
But higher rental value properties are taking longer to let, putting pressure on landlords to drop their prices if they need to secure a tenant quickly.
Almost half of all one-bedroom properties are being let within a month of being advertised, according to the research - 14% of those within just a week.
At the other end of the scale, only 17% of four-bedroom properties are let within a month.
"Belfast's private rental market has found support in recent years from potential first-time buyers unable to get hold of mortgage finance or a deposit big enough to secure their own place," analyst Dan Cookson said.
"Although this remains a supportive factor, it's clear that tenants are more worried about their finances than they were before."
He added: "Like most people, tenants are starting to shop around to see if there's better value out there - unfortunately, this means that those landlords seeking premium rents for larger, more luxurious properties in the best areas are finding it tougher to secure a tenant quickly."
According to the reports figures for December, the average rental cost of a one-bedroom property in Belfast was around £500 a month, going up to £520 for a two-bedroom home.
Three and four-bedroom properties cost around £590 and £700 per month respectively.