How Much Does the Average Person Spend on Rent in the UK?
Renting has become the most common form of housing in the UK over the past decade, and many people believe it’s an affordable way to have shelter without ever owning your own property. The UK has seen more and more people moving out of their parents’ homes in recent years, whether it’s to live with roommates or on their own.
While some people rent their living space, others may buy their own property, either to live in or as an investment property that generates cash flow through rental income.
How Much Does The Average Person Spend On Rent In The UK?
According to recent statistics, it turns out that the amount of money you spend on rent each month depends on where you live, your income level, and your total housing costs if you own a home.
The average cost of renting varies depending on where you live and the type of accommodation you choose. The average price of a one-bedroom accommodation in the city is £758 (~$1000 USD) per month. £614 if you live outside of the city. Your price may be higher if your rent includes your energy bills.
Averages For All Ages
In the United Kingdom, the average person spends about £800 per month on rent. The average rent for a one-bedroom flat is about £650, while the average rent for a two-bedroom flat is about £850. The average cost of renting a three-bedroom house is about £1,050.
Families with children tend to spend more on rent, as do people who live in London and other major cities. For example, families with three or more children may pay up to £3,000 per month for a three-bedroom home.
According to an analysis by estate agent Countrywide in 2016, those living in Greater London will typically spend about 40% of their monthly salary on housing costs alone (excluding transportation).
They found that renters in the City of Westminster have it worse than most, spending 45% of their income on rent each month. Those living in other boroughs of London also spent at least 30% on housing costs every month.
The Impact Of Location
The average person spends about 30% of their income on rent, although this number can vary greatly depending on location. In London, for example, the average person spends about 50% of their income on rent. This is because property prices in London are some of the highest in the world.
In other parts of the UK, such as Manchester and Birmingham, the average person spends about 25% of their income on rent. The reason for this difference is due to the lower cost of living in these areas when compared to London. Furthermore, there are many more properties available to rent in these areas at cheaper rates than in London.
However, with rising property prices across the country, the percentage of income spent on renting a property will likely increase. Rents have risen faster than wages over the past decade and it seems unlikely that this trend will reverse any time soon.
Rental Prices By City
- In London, the average rent for a one-bedroom flat is £1,333 per month. In Manchester, the average rent for a one-bedroom flat is £650 per month.
- In Birmingham, the average rent for a one-bedroom flat is £725 per month.
- In Leeds, the average rent for a one-bedroom flat is £550 per month.
- In Bristol, the average rent for a one-bedroom flat is £850 per month.
- In Liverpool, the average rent for a one-bedroom flat is £500 per month. In Newcastle, the average rent for a one-bedroom flat is £700 per month. In Oxford, the average rent for a one-bedroom flat is £875 per month.
- In Belfast, the average rent for a one-bedroom flat is £350 per month.
- In Edinburgh, the average rent for a one-bedroom flat is £850 per month. In Glasgow, the average rent for a one-bedroom flat is £400 per month. In Coventry, the average rent for a one-bedroom flat is £675 per month.
- In Southampton, the average rent for a one-bedroom flat is £825 per month.
- In Cardiff, the average rent for a one-bedroom flat is £750 per month.
What Type Of Accommodation Costs More?
According to a recent study, the average person in the UK spends about £752 per month on rent. This number varies depending on the type of accommodation, with those who live in flats or apartments spending more than those who live in houses.
The study also found that location plays a big role in how much people spend on rent, with those living in London and other major cities spending significantly more than those living outside of these areas. Additionally, people living in housing association properties spent an average of £1,043 per month compared to just £605 for private renters.
What’s even more interesting is that those renting from housing associations are typically poorer than their counterparts but they still end up paying more because they’re not eligible for certain benefits like council tax relief or help with energy bills.
Conclusions
The average person in the UK spends about £700 per month on rent. This number can vary greatly depending on where you live, with London being the most expensive city by far. Still, £700 is a significant chunk of change, and it’s important to be aware of how much you’ll need to budget for rent if you’re planning on moving to the UK. If you have any questions about housing or rental prices in your area, feel free to comment on this post!
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