London is the globe's second most expensive city for renters, according to research by housebuilder Barratt London.
The study analysed 20 cities based on the percentage of a tenant's salary needed to rent a one-bedroom apartment.
Barratt estimates that the average London renter would need to spend approximately 45% of their monthly wage in order to rent a typical one-bedroom apartment charged at £1,250 per month.
San Francisco is the only city where tenants spend a higher proportion of their average wage on rent at 47%. The typical cost of a one-bedroom apartment in the Californian city is £2,768 per month.
The top five is made up by Hong Kong (44%), Tokyo (42%) and New York (40%).
Prague and Cape Town are the cities most relative in respect to income and rental prices, with wage to rent ratios of 21% and 23%.
Tenants in Dublin, where rents average at under £950, spend just 25% of their salaries on rent payments.
“Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque," says a spokesperson for Barratt London.
"Renting must remain a viable option for those looking to move home."
A city worried that the explosion of short lets offered via...
Average UK rents continued to rise between July and September, but...
Barratt Homes’ London division is offering what it describes as ‘free...
Any lingering hope of a pre-election interest rate cut by the...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment