A new investigation by the BBC has uncovered the highest rent price hotspots across England.
The study found that private tenants now spend more than a third of their disposable income on rent in large parts of England.
Landlords will be keen to learn where they can achieve the highest rent prices in the country, although no one will be surprised that London came out on top.
The BBC England data unit has analysed rent prices for different types of property in each local authority area and the median weekly wage for those locations, using figures from the Office for National Statistics.
The research concluded that renting a one-bedroom property would now consume more than half of a tenant’s disposable income in 24 London boroughs and the City of London.
The majority of the 142 areas where the average rent price for a one-bed property was higher than 30% of take-home pay were located in London and the South East, with just Manchester, Salford and York featured in the north of England.
The average rent price for a one-bedroom property also exceeds 30% of a tenant’s disposable income in Nottingham, Northampton, Warwickshire, Stratford-upon-Avon, Redditch, Warwick and Birmingham.
Even the cost of renting just one room does not come cheap in many parts of the country, with the average rent price for a room in a flat or house in London now standing at £607 per month, compared to £424 in the South East.
Outside of the capital, the most expensive areas to rent a room in the South East are within Surrey, Oxfordshire and Tunbridge Wells in Kent.
The Policy Manager at tenant lobby group Generation Rent, Dan Wilson Craw, says: “Across London and the South East, the only option for average earners is to squeeze themselves into ever more crowded flatshares.
“This might work for some, but it’s a completely unsustainable situation for anyone who wants to settle down. Unless rents start coming down, the capital and its hinterland will start losing workers, and that will weaken the national economy.”
Landlords should be aware of the areas that they can achieve the highest rent prices in England. However, be aware that property prices will likely match the sky-high rental costs in these locations.
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