34% of income spent on renting – Here’s the best rental markets to maximise your money

Leading lettings platform, Howsy, has looked at where across the UK is home to the best rental market when it comes to the average cost of renting as a percentage of the average salary on offer.

Howsy looked at government data on rental costs across England, Scotland, Wales and Northern Ireland and ONS data on the average salary in each area to highlight which rental market is the most affordable when it comes to the level of disposable income left after putting a roof over your head.

The research shows that at the top line, Wales in the most affordable nation with rental costs accounting for just 30% of the average monthly salary while across the UK as a whole this increases to 34%.

The North East is the most affordable region after Wales 31% of income spent on rental costs. London is, of course, bottom of the affordability scale with the average cost of renting accounting for an eye-watering 65% of the average salary.

On a local level, East Renfrewshire in Scotland is the UK’s best rental market for tenants with the average rental cost of £584 a month accounting for just 23% of the average wage of £2,509.

Copeland is the second most affordable with just ¼ of the average wage spent on renting, along with Rhondda Cynon Taf and Pendle.

Hartlepool and Darlington trail marginally behind with 26% of income spent on rent, while Allerdale, Carmarthenshire, Barnsley, and Country Durham are home to a rental cost accounting for 27% of the average income.

Hackney is the least tenant friendly with a whopping 83% of the average salary in the borough spent on renting. While London does account for 70% of the top 10 least affordable, Oxford (70%), Brighton (66%) and Elmbridge 66%) also make the list.

The most ‘affordable’ locations to rent in the capital are still above the UK average but Bromley and Bexley offer the best pick with the average rental cost accounting for 46% of the average salary.

Founder and CEO of Howsy, Calum Brannan, commented:  

“We tend to put a lot of focus on the negatives of the UK lettings market but while top-line affordability may be an issue for many, there are plenty of areas where renting isn’t such a financial burden.

Maximising your disposable income in any part of the UK is the key to living a happy life in the rental sector and it pays to do your research before making a move to ensure you can not only cover the cost of renting, but you aren’t left high and dry once you have.

These are the best areas to look to in order to do this, but we appreciate for those working in London, a commute from East Renfrewshire is probably a tad unrealistic. However, we wanted to highlight the diversity of the UK rental sector and reassure those looking to rent that there are plenty of relative pockets of affordability across the nation.”

By Country
 
Location
Average Rent as % of Average Salary – Per Month
WALES
30%
NORTHERN IRELAND
35%
SCOTLAND
39%
ENGLAND
42%
UNITED KINGDOM
34%
 
By Region
 
Location
Average Rent as % of Average Salary – Per Month
WALES
30%
NORTH EAST
31%
YORKSHIRE AND THE HUMBER
33%
NORTH WEST
33%
EAST MIDLANDS
34%
NORTHERN IRELAND
35%
WEST MIDLANDS
35%
SCOTLAND
39%
EAST OF ENGLAND
41%
SOUTH WEST
44%
SOUTH EAST
45%
LONDON
65%
Rankings – Top 10 most affordable
 
Location
Average Rent as % of Average Salary – Per Month
East Renfrewshire
23%
Copeland
25%
Rhondda Cynon Taf
25%
Pendle
25%
Hartlepool
26%
Darlington
26%
Allerdale
27%
Carmarthenshire
27%
Barnsley
27%
County Durham
27%
*Northern Irish data only available on a national level and not on a regional basis.
Rankings – Top 10 least affordable
 
Location
Average Rent as % of Average Salary – Per Month
Hackney
83%
Brent
77%
Newham
75%
Southwark
70%
Oxford
70%
Haringey
67%
Brighton and Hove
66%
Elmbridge
66%
City of London
65%
Barking and Dagenham
65%
All London Boroughs
 
Location
Average Rent as % of Average Salary – Per Month
Bromley
46%
Bexley
46%
Croydon
50%
Sutton
51%
Kingston upon Thames
51%
Greenwich
52%
Havering
53%
Wandsworth
53%
Merton
55%
Lewisham
56%
Redbridge
56%
Richmond upon Thames
57%
Islington
58%
Harrow
59%
Camden
59%
Hounslow
60%
Westminster
60%
Tower Hamlets
61%
Hammersmith and Fulham
61%
Waltham Forest
62%
Ealing
62%
Lambeth
62%
Hillingdon
62%
Barnet
63%
Enfield
64%
Barking and Dagenham
65%
Haringey
67%
Southwark
70%
Newham
75%
Brent
77%
Hackney
83%
Kensington and Chelsea
No wage data
Sources
Salary / earnings data
Rents data

 

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