People in their twenties and thirties are often dubbed "generation rent" and with good reason. Research published last year found that up to a third of millennials – people aged between 22 and 37 – will be renting for their entire lives.
Another recent study found that many young people can no longer afford to live in cities where salaries are higher due to rising rents. So, for those of us who aren't lucky enough to have access to the bank of mum and dad, it's more important than ever to be really well informed about how the rental market works. If we're going to be renting for longer – and probably much longer – we need to make the right decisions.
AdvertisementADVERTISEMENT
According to new research, the average renter in their twenties spent 34% of their pre-tax income last year on renting a room.
Twenty-something renters in Brighton spent the highest proportion of their income on renting a room – 35%, according to research compiled by Hamptons International.
By contrast, in Liverpool and Sheffield twenty-something renters spent just 25% of their pre-tax income on renting a room. In London, the average renter spent 34% of their pre-tax income on renting a room, which is in line with the national average.
“Tenants in their twenties spend a third of their pre-tax income on room rents in Great Britain. Yet the cost of trading up to rent a one-bed would take up nearly half of their earnings," Hamptons International's Head of Research, Aneisha Beveridge, said in response to the findings.
"With its large student population putting pressure on rental accommodation, Brighton is the most unaffordable city to rent a room in Great Britain. London follows in second place."
Unsurprisingly, the research found that London has the highest average room rent for twenty-somethings – a hefty £727. Brighton is the second most expensive place for twenty-something renters, with an average room costing £647, followed by Oxford, where an average room costs £577.
Across the UK overall, the average twenty-something spent £566 a month on renting a room in 2018 – a rise of 1.2% year on year. Check out how much twenty-something renters in your city have been paying in the table below.