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With the rising cost of living dominating the headlines, we have turned our attention to the rental market and the affordability pressures facing renters. Using gross incomes of renters and achieved rents we can see how much renters are really spending on rent.
As featured in a recent BBC report, 4 in 10 young renters (aged under 30) are now spending at least 30% of their income on rent, the widely accepted affordability threshold.
While all living costs are under intense scrutiny at the moment, most renters will be prevented from overstretching on their rent commitment, by the stringent tenant referencing process.
To pass the affordability test for tenant referencing on a new lease, the rent should represent no more than 30% of a renter's gross income. This affordability analysis is based on data from around 40% of all new rentals.