London the 2nd most expensive city to be a tenant in the world

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London is the second most expensive city in the world to rent in after San Francisco, research from Barratt London has found.

London renters spend almost half (45%) of average salaries on rent, exceeding Hong Kong (44%), Tokyo (42%), New York City (40%) but not San Francisco (47%).

The average price of a one bedroom apartment stands at £1,250 per month in London, ranking it below New York (£2,532) and San Francisco (£2,768).

A spokesperson for Barratt London, said: “Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque.

“Renting must remain a viable option for those looking to move home, but residents might want to consider a buying market that offers plenty of incentives for first-timers.

“The London Help to Buy scheme, for example, is helping first-time buyers get on the property ladder more affordably, with just a 5% deposit and an equity loan that is interest-free for the first five years.”

Cheap cities to rent in relative to incomes include Prague, Czech Republic (21%), Cape Town, South Africa (23%), Dublin, Republic of Ireland (25%) and Sydney, Australia (28%).

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Written by: Houseladder