It is clear that rental prices are increasing. They are mirroring the trend of UK property prices.

Monthly rent is most affordable in the North.

Above any other Durham is the most affordable city for renters in the UK. Durham rental prices total an average of 21% of an individual’s monthly income.

Following this, Hull is also affordable with rent only costing 23% of a person’s average monthly wage. After that, at 24% there is Stoke-On-Trent, Carlisle, and Derby.

At the other side of the scale there is Oxford. Oxford is the most expensive place to rent in with people spending roughly two thirds (66%) of their wage on rent.

It is unexpected that rent is more expensive in the South compared to the North. However, the only anomaly in this trend is Manchester. Rent in Manchester will cost you roughly 39% of your income.

Jason Harris-Cohen is surprised by Manchester income to rent ratio. In addition, he states that there is decreased supply of rental properties as more landlords are seeking to sell off their assets.

Reasons for the selling of assets can range from recession, to Covid-19, new regulations, increased taxation, and reduced earnings. The combination of these factors in the current climate may be why landlords are seeking to release some equity from their investments.

Therefore, the advice from Open Property Group, regarding spending, is that you should aim to spend below 30% of your total earnings on rent.