Zoopla rental report
Zoopla today published some very optimistic news for the rental market in Hull
Good news for renters in Hull as the latest market report from Zoopla lists Hull as the most affordable place to rent.
The report further confirms that renting is more affordable today than the 10-year average. A typical renter in the UK now spends on average, 31.8% of their earnings on rent, but rents in Hull account for just 19% of a single earner’s salary.
• Great news for tenants, as rents remain affordable
• Great news for landlords, as demand remains high
As you can see from the information provided by Zoopla - Hull is the most affordable place for renters to live, with rents in Hull accounting for just 19% of a single persons salary, whilst a single person living in London can expect to pay a staggering 46% of their salary in rent, and even sharing in the capitol will set you back 24% of your salary.
Where is it least affordable to rent a home?
Unsurprisingly, London was the least affordable place to rent, with costs accounting for 46% of a single person’s wages.
However, most renters in the capital do not live on their own, which improves affordability.
For example, if two people rented a two-bedroom apartment, they would spend just 24% of their wages on rent.
Oxford is the least affordable place outside of London for a single earner to rent a home, with tenants typically spending 44% of their earnings on housing.
It was followed by Brighton and Cambridge at 42% and 41.3% respectively.
Research found that rents are typically least affordable in areas that have seen growth in employment that is faster than the growth in housing supply, as well as towns and cities with a significant student population, and places with high house price to income ratios, which increases underlying demand for rental accommodation.
At 5.4%, Nottingham has seen the highest rental growth in the past year, with Leeds and Bristol in second place, both at 4.5%.
Where is it most affordable to rent a home?
At the other end of the scale, rents in Hull account for just 19% of a single earner’s salary, while in Bradford tenants spend an average of 19.5% of their pay on rent and in Stoke they spend 20.6%, according to our report which looks at rents across 40 cities and 376 local authorities.
Swansea, Middlesbrough and Aberdeen have all seen rents fall during the past year, with Aberdeen’s reduction of 4.1% driven by the collapse in oil prices.
Middlesbrough was the cheapest place in which to rent a home with tenants paying an average of £467 a month, followed by Hull at £469 and Bradford at £486.