'Unaffordable' rents well over a third of income
Summary
In Bristol, private renters are spending a large portion of their income on rent, with costs reaching 44.6% of their earnings in 2024. These rent levels are much higher than the 30% considered affordable by the Office of National Statistics (ONS). Rising rents are attributed to factors like fewer available homes and more tenants, along with local features driving demand.Key Facts
- In Bristol, renters used 44.6% of their income on rent in 2024.
- The ONS suggests 30% of income is the affordable limit for rent.
- Bristol and Bath are among the top 20 least affordable areas in the UK for renters.
- The highest rent cost in Bristol was in 2018, at 46.9% of household income.
- Rent costs in Bath stood at 42.7% of income in 2024, up from 37.8% in 2023.
- Factors like universities and commuter routes can raise rent prices.
- Many landlords are selling property due to higher costs, leading to fewer rental homes.
- Rising wages have not kept up with the faster increase in rent prices.
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