London’s first-time renters spending 73% of income for a one-bed apartment, here’s where you can do it for less

July 10, 2020

Making that first move to London for work can be a daunting task, and the right balance of location and rental cost can make or break your experience of living in the capital.

It certainly isn’t cheap and the latest research by international rental marketplace Spotahome, has found that the average 22-29-year-old will spend as much as 57% of their net monthly salary on renting. Although that only covers the rental cost of a one-bed apartment!

The capital is by far the most expensive region of the nation in this respect, with the South East ranking second and requiring just 38% of net income for a one-bed property. In contrast, the average 22-29-year-old across Britain as a whole will spend 31% of income on a one-bed apartment. However, if you look to rent in London’s inner boroughs, this cost nearly doubles to 61%.

Boroughs Westminster and Kensington and Chelsea are the most expensive in rental terms, with the average one-bed setting you back £2,176 and £2,062 per month respectively. However, when it comes to the earnings on offer in these boroughs, they aren’t the worst for first-time rental affordability.

This title goes to the London Borough of Hackney. The average one-bed apartment in Hackney will set you back £1,487 in rent each month, while the average net salary for a 22-29-year-old comes in at £2,043. As a result, first time London workers are spending 73% of their earnings on getting by in the borough.

Believe it or not, Lambeth is the next least affordable borough for those starting their London adventure. The borough requires 70% of the average 22-29-year-olds earnings to rent a one-bed apartment each month.

Newham (68%), Haringey (64%), Barking and Dagenham (62%), Westminster (62%), Camden (61%), Brent (61%), Southwark (61%) and Islington (59%) also rank high for first-time rental costs as a percentage of salary.

But it’s not all doom and gloom for first-time renters in London.

Richmond is the best borough to start your London adventure, requiring just 38% of the average salary to put a roof over your head.

Bromley also ranks high requiring just 41% of the average net salary for a one-bed apartment, with Bexley (42%), Havering (44%) and Kingston (45%) also amongst the most affordable.

Primary level – nations
Location
Average one-bed rent pm
22-29-year-olds NET monthly salary
Rent/Income
ENGLAND
£701
£1,800
39%
SCOTLAND
£519
£1,691
31%
WALES
£450
£1,562
29%
Great Britain
£557
£1,684
33%
Secondary level – regions
Location
Average one-bed rent pm
22-29-year-olds NET monthly salary
Rent/Income
LONDON
£1,307
£2,279
57%
SOUTH EAST
£736
£1,950
38%
SOUTH WEST
£603
£1,625
37%
EAST OF ENGLAND
£662
£1,843
36%
WEST MIDLANDS
£533
£1,648
32%
NORTH WEST
£515
£1,641
31%
YORKSHIRE AND THE HUMBER
£488
£1,595
31%
EAST MIDLANDS
£487
£1,640
30%
NORTH EAST
£434
£1,568
28%
London Boroughs
Location
Average one-bed rent pm
22-29-year-olds NET monthly salary
Rent/Income
Hackney
£1,487
£2,043
73%
Lambeth
£1,551
£2,216
70%
Newham
£1,189
£1,744
68%
Haringey
£1,292
£2,034
64%
Barking and Dagenham
£977
£1,583
62%
Westminster
£2,176
£3,526
62%
Camden
£1,798
£2,947
61%
Brent
£1,169
£1,921
61%
Southwark
£1,424
£2,345
61%
Islington
£1,630
£2,757
59%
Hounslow
£1,139
£1,959
58%
Ealing
£1,222
£2,103
58%
Tower Hamlets
£1,558
£2,725
57%
Lewisham
£1,141
£2,008
57%
Waltham Forest
£1,111
£1,972
56%
Hillingdon
£1,027
£1,832
56%
Enfield
£999
£1,835
54%
Barnet
£1,172
£2,159
54%
Greenwich
£1,210
£2,288
53%
Hammersmith and Fulham
£1,456
£2,771
53%
Merton
£1,231
£2,414
51%
Harrow
£1,030
£2,051
50%
Redbridge
£1,015
£2,058
49%
Croydon
£948
£1,965
48%
Wandsworth
£1,420
£2,959
48%
Sutton
£929
£2,022
46%
Kensington and Chelsea
£2,062
£4,523
46%
Kingston upon Thames
£1,080
£2,399
45%
Havering
£874
£2,001
44%
Bexley
£852
£2,041
42%
Bromley
£982
£2,403
41%
Richmond upon Thames
£1,259
£3,299
38%
Outer London
£1,079
£2,112
51%
Inner London
£1,555
£2,532
61%
London
£1,307
£2,279
57%
Data Point
Source
Average rent
Salary

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