Most tenants in their 20s are spending an average of 34 per cent of their pre-tax incomes on rent, new research has revealed. Analysis of 20 major cities in Britain found Brighton is the least affordable city to rent a room – taking up 35 per cent of a 20-something’s pay cheque. London was in second place, where room rents account for 34 per cent of income, followed by Glasgow at 33 per cent.
But stronger income growth has meant that tenants in their 20s are typically spending less on rent than before, Hamptons International found. Sheffield was identified as the most affordable city on the list to rent a room, with rent accounting for 25 per cent of a tenant’s income on average.
The research also suggests tenants looking for a one-bedroom home for themselves face paying 31 per cent more than if they rented a room in a house share. This would take up 47 per cent of the average 21 to 29-year-old’s pre-tax income across Britain. Hamptons International made the findings using its own figures and Office for National Statistics (ONS) data.
The estate agent chain said the proportion of income going towards rent was lower in many large cities because people living in them often have higher incomes. Here are Britain’s rent hotspots – with the average rent per month, the year-on-year change in the average rent and the percentage of pre-tax income taken up by rent. Read more