RENTERS’ MONTHLY BUDGETS NOT ENOUGH TO KEEP UP WITH RISING RENT COSTS

New data from the UK’s leading flatshare site, SpareRoom, has analysed rental budgets vs actual rental costs in 2024, revealing that the average renter in the UK is having to find an additional £312 a year to cover rent that exceeds their budget.

Of 216 towns and cities analysed around the UK, renters in only 63 areas pay rent that falls within their allocated budget, whilst tenants in 153 areas go over their set budget every single month to be able to afford their rent.

Unsurprisingly, the biggest disparity seen between allocated budget and actual rental costs was in London, with West Central London seeing renters spending £344 a month more than they’d budgeted when looking for a flat, followed by £245 more in East Central London.

Outside of London, Edinburgh sees tenants paying £145 over their ideal budget, with renters going £122 over in Great Yarmouth and £121 in Kirkcaldy.

Top 10 towns and cities where rent is higher than renters’ monthly budget

Town/city

2024 Rent

2024 Budget

Difference in renters’ budgets vs. actual cost of rent

London – West Central

£1,319

£975

-£344

London – East Central

£1,220

£975

-£245

Edinburgh

£844

£698

-£146

Kingston upon Thames

£898

£759

-£139

Great Yarmouth

£687

£565

-£122

Kirkcaldy

£650

£528

-£122

Twickenham

£889

£768

-£121

Reigate

£845

£731

-£114

Waltham Cross

£795

£683

-£112

Falkirk

£658

£549

-£109

Looking at the other end of the scale, people living in Dewsbury spend £75 less than budgeted on rent every month, followed by Newtownabbey (£65), Livingston (£62) and Littlehampton (£59).

Liverpool (£525), Preston (£496), Leamington Spa (£629) and Blackburn (£498) are the only towns and cities in the UK where the budget set aside for rent every month is exactly the same as the rental costs themselves.