WHILE rent seems to be growing more expensive by the second, it’s important to be aware of the costs elsewhere so you can make some informed decisions about your cost of living.
Coming in at easily the least affordable area to rent in the UK is Kensington and Chelsea with the highest average rent a staggering £2,716 per month.
But it also has the highest monthly earnings in the country with the average take-home at £3,297.17.
The survey conducted by Money.co.uk showed, unsurprisingly, the top ten least affordable places to rent are all in London.
In second place is Hackney, where rent makes up 65.77% of the average monthly income. Brent is the London borough that completes the top three least affordable areas for renting.
Westminster which is the fourth least affordable place to rent in London, also happens to be the area in the UK with the highest percentage of rental properties, with 42.55% of homes being privately rented.
North East Derbyshire is the area with the least amount of homes being privately rented, at just 9.69%.
The least affordable area for renters outside of London isn’t too far from the capital.
Hertsmere is located in Hertfordshire, which is just outside of London itself. Average rents here are £1,250 a month, 57.02% of earnings.
The second-least affordable area for renters outside the capital is the area surrounding the two Surrey towns of Epsom and Ewell.