Two-thirds of Britain is ‘unaffordable’ for renters, says comparison service Go.Compare.
It says some 65% of Britain has average rental costs above what is considered affordable for a typical single tenant in the area.
The average monthly rental price in 2024 is £1,286 – up 26% from £1,019 in 2019.
Go.Compare analysed rental costs in 330 locations across Britain to assess affordability for the average tenant, based on their income.
London was predictably the most unaffordable: in Kensington and Chelsea, single tenants require an annual salary of £136,720 to afford the average rent of £41,016 per year.
Westminster was next with a salary of £123,960 to cover an average £3,099 pcm.
In the wider south east Elmbridge and Brighton and Hove required £70,000 a year to maintain affordability.
At the other end of the rental scale Dumfries and Galloway was the most affordable, requiring a single salary of just £19,320 to pay an average monthly rent of £483.
Next came Hartlepool where a salary of £21,360 covers the rent of £534 pcm.
Nathan Blackler, home insurance expert at Go.Compare, says: “The huge differences in rental prices across Britain really highlight the urgent need for affordable housing solutions.
“While some areas are still within reach for renters, many renters are struggling to keep up with rising costs that far exceed their wages.
“This isn’t just a problem for individuals, it impacts local economies and communities as a whole.
“When tenants are forced to choose between paying rent and other essentials, the ripple effect can be felt throughout neighbourhoods, leading to increased financial stress and instability.
“As a result, renters might look to cut costs in other important areas like contents insurance, thinking they can’t afford it. But, this could sadly leave them vulnerable to unexpected events.”
This article is taken from Landlord Today