20-somethings spend up to a third of pre-tax income on room rents
Young adults aged 20 to 29 spend up to a third of their pre-tax income on rent for a room according to a Countrywide brand.
Hamptons International, working from Countrywide rental data, says that out of 20 of the largest cities in Britain, Brighton is the least affordable for renting a room.
It costs £647 pcm, which accounts for 35 per cent of a 20-something tenant’s pre-tax income. London is in second place, where room rents account for 34 per cent of a 21-29 year old’s income, followed by Glasgow on 33 per cent.
Sheffield is the most affordable city on the list to rent a room, with room rents accounting for 25 per cent of a tenant’s income.
The analysis of the 20 cities reveals that it costs 31 per cent more to rent a one-bedroom home than it does to rent a room in a shared house.
This year a single room within a house share costs, across Britain as a whole, some £566 pcm to rent – this is 1.2 per cent up on the £559 pcm in 2018 (table 2).
Half of the cities reported a year-on-year increase in room rents, while half reported a fall.