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

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