Recent research conducted by Rentify has revealed that tenants in the UK spend on average 41% of their monthly income on rent.
With rents soaring across the country, it is of little surprise that tenants in London are being hardest hit. The capital has some of the highest rents in the country, with tenants splashing out half of their monthly payslip (£2,922.42) in order to live there.
By contrast, inhabitants of the North East get the best deal, with only a quarter of their average monthly salary (£2,073) being spent on rent. Tenants in Yorkshire and the Humber, East Midlands and Wales also get good value for money, with people spending only 28% of their monthly salary on rent in these regions.
“Housing supply is drying up and causing price pressure on landlords which is filtering down to tenants,” George Spencer, CEO of Rentify, said.
“I’m staggered to see that UK tenants are spending so much of their hard earned cash for a roof over their head.”
He added: “In London in particular, developments containing hundreds of flats are often sold before construction has even begun. There needs to be a change in the planning laws which are holding us back. The shortage of homes is hugely harmful, socially as well as economically.”