NEW figures reveal the average price of rent in East Renfrewshire has dropped, while it has increased in Renfrewshire.

The findings are contained in the National Rent Review from buy-to-let lender Landbay, powered by MIAC, which also reveals how much millennials can expect to spend on rent in their lifetime.

The average monthly cost to lease a three-bedroom property in East Renfrewshire is £902 a month, compared to £638 in Renfrewshire.

East Renfrewshire residents will also pay around £522 for a two-bedroom and £408 for a one-bedroom property.

Meanwhile, those in Renfrewshire will be charged around £490 and £389 respectively.

Overall, there has been 1.27 per cent rent growth in Renfrewshire this year, while the figure for East Renfrewshire has dropped by 0.51 per cent.

The average monthly cost to rent in East Renfrewshire for all properties is £540, with a figure of £452 recorded in Renfrewshire.

John Goodall, CEO and founder of Landbay, said: “Landlords have faced up to challenge after challenge over the past two years, from stricter regulation, reductions to tax relief and a significant stamp duty tax hike when buying a buy-to-let property.

“One would expect this pressure to push up rents, but two key factors have allowed them to shoulder these rapidly rising costs – the Bank of England’s enduring Term Funding Scheme (TFS), which has injected a significant sum of cheap capital into banks, together with record low interest rates, which have also kept borrowing costs low.

“With interest rates now rising and the TFS coming to an end in February, we expect upward rental pressure to be just around the corner.

“Without a radical housebuilding plan for purchase, as well as purpose-built rental properties, rental prices are in danger of soaring over the coming decades.”