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When renting, it’s sometimes hard to understand how much everything will cost. This is why we’ve got some advice and tips on how much you should spend on rent, how to budget and ways to reduce rental costs.
How much you want to spend on rent is ultimately up to you, but making sure you’re able to comfortably afford your monthly outgoings is key.
How much you’ll spend on rent can vary, depending on where you live.
A recent report from the ONS states, a person on an average income can expect to pay around 30% of their income on private rent – or more in London.
We used 35-45% of your take home pay as a guide. This means you can see the higher end of the spectrum for rental costs.
Highest monthly rent |
Monthly salary (Apprx. after tax) |
---|---|
Highest monthly rent£420 - £540 |
Monthly salary (Apprx. after tax)£1200 |
Highest monthly rent£455 - £585 |
Monthly salary (Apprx. after tax)£1300 |
Highest monthly rent£490 - £630 |
Monthly salary (Apprx. after tax)£1400 |
Highest monthly rent£525 - £675 |
Monthly salary (Apprx. after tax)£1500 |
Highest monthly rent£560 - £720 |
Monthly salary (Apprx. after tax)£1600 |
Highest monthly rent£595 - £765 |
Monthly salary (Apprx. after tax)£1700 |
Highest monthly rent£630 - £810 |
Monthly salary (Apprx. after tax)£1800 |
Highest monthly rent£665 - £855 |
Monthly salary (Apprx. after tax)£1900 |
Highest monthly rent£700 - £900 |
Monthly salary (Apprx. after tax)£2000 |
Highest monthly rent£735 - £945 |
Monthly salary (Apprx. after tax)£2100 |
Highest monthly rent£770 - £990 |
Monthly salary (Apprx. after tax)£2200 |
Highest monthly rent£805 - £1035 |
Monthly salary (Apprx. after tax)£2300 |
Highest monthly rent£840 - £1080 |
Monthly salary (Apprx. after tax)£2400 |
Highest monthly rent£875 - £1125 |
Monthly salary (Apprx. after tax)£2500 |
The average cost for rent in London is generally higher than the rest of the country, with the average monthly rent being upwards of £2,000 per month.
The cheapest place in London to live is Sutton, with the average rent being charged at £1,200 per month. The most expensive is Kensington and Chelsea, with the average rent being charged at £2,817 per month.
Flat sharing is common in London, as is living further out and commuting in for work. If you move outside of the London Borough areas, remember to factor transport costs into your monthly budget – it could be cheaper to pay more for rent, but less on public transport.