The cost of renting in the UK has reached eye-watering levels – especially for those looking to live alone.
Analysis of over 13,000 tenancies by property technology company Goodlord has revealed living alone costs UK renters nearly 40% of their salary.
According to the data, the average cost of renting alone in the UK stands at £750 a month, jumping to a staggering £1,250 for those in London.
This compares starkly to a £500 per month average for those who share a property with one other person, dropping to £469 a person if there are three people sharing.
And in London, buddying up with one housemate will reduce the cost of rent to £750 a month, falling to £623 if there are three housemates.
Almost a third (28)% of renters across the UK opt to live alone, with an average age of 32. Goodlord found the median income of this group is £25,000, meaning solo-renters spend over a third (36%) of their income on rent.
And despite Londoners living alone earning on average £40,000, they are still spending almost two fifths (38%) of the income on rent.
In contrast, three in five (59%) Brits rent with one other tenant. But despite cheaper rent, with a median income of £22,000 a year, this group still spends 27% of their pay cheque on rent.
Goodlord found the North East is the cheapest area to be a solo tenant in the UK, with average monthly rents standing at £618. This is followed by the West Midlands, where the average cost is £699 a month.
The cost of renting has begun to tick upwards, with tenancies costing about 1.1% more than a year ago.
Tom Mundy, CEO of Goodlord, said: It’s becoming increasingly expensive to live alone in the UK, and particularly in London.
“With the average cost of renting a property solo standing at £750 a month – 36% of the average person’s salary – it’s no wonder more and more young professionals are living in house shares well into their thirties.”