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Single tenants in 25 of London’s 32 boroughs spend half of income on rent

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24/05/2017
Single tenants in 25 of London’s 32 boroughs spend half of income on rent

London’s single tenants are spending up to 85% of their monthly salaries on rent, according to research from sellhousefast.uk.

The firm found that single tenants in 25 out of 32 London boroughs sacrifice more than 50% of their monthly salary on rent for their one-bedroom property.

Those renting alone in Kensington and Chelsea sacrifice the highest percentage of their monthly salary at a massive 85%, while single tenants in both Havering and Bromley sacrifice the joint lowest percentage of their monthly salary at 42%.

Renters in Hackney spend 81% of their take-home pay, while single tenants in Westminster spend 79% on a one-bedroom property.

In London the average rent for a one bedroom property is a substantial £1,329 per month.

Short-term approach

Sellhousefast.uk asked single tenants living in a one bedroom property in London about their experience of renting.

Jessica, 26, has been renting a one bedroom property in Southwark for the last two years and said: “I am giving up a lot of my monthly income on renting a one bedroom in Southwark. It’s frustrating but I only tolerate it due to the convenience of living a short distance away from my workplace. It’s ideal as I start early and finish late most days.

“It’s ok for the short-term. But in the long-run, it isn’t sustainable, as I wouldn’t be able to secure a deposit for a property of my own.”

Robby Du Toit, managing director of Sell House Fast, added: “Private rental prices in London are certainly overstretching single tenants; to the extent they must sacrifice over half their monthly salary. For those single tenants with ambitions to climb up the property ladder – their intentions are painfully jeopardised, as they can’t set aside a sufficient amount each month to save up for a deposit or explore better alternatives.”

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