New research from Homelet has revealed that the cheapest place to rent a home is Plymouth. The average rent in Plymouth is £510 per month and the average wage is £30k per year. This means the monthly rent is around 27% of a buy to let tenant’s income.
Cardiff is the second cheapest place to live with an average monthly rent of £462 and an average income of £25,500. Norwich, Leeds and Glasgow are also very affordable for tenants.
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Most Expensive Place to Rent
Bottom of the list of most unaffordable places to live is London (no surprise there!). The average rent in London is currently £1,413 per month whilst the average salary is £50k per year. Unfortunately, whilst such a high salary sounds great, the reality is that rent payments take up nearly 50% of a tenant’s take home pay, which doesn’t leave a lot left over for food and utilities.
Birmingham and Edinburgh are not much better. Tenants in both cities can expect to hand over 47% of their earnings to landlords. And in Cambridge and Bristol, the figure is not much lower at 43%.
“The data has also revealed some unexpected pockets of rental affordability where tenant income is keeping greater pace with rental prices,” says Martin Totty from Homelet.
“Looking at the city data against the regional and national picture would suggest that areas that were previously very much the domain of home buyers are becoming popular areas for renters too, as families move out of cities for a better quality of life but are unable to join the property market.”