If you’re struggling to pay your rent, you’re not alone. Private rents are now classed as ‘unaffordable’ (ie. more than a third of a household’s total income) in 55% of local authorities in England, according to homeless charity Shelter.
MT can barely remember the days when renting was seen as a cheaper alternative to home ownership – but the problem is that the lacklustre housing market, along with first-time buyers being priced out the market, has pushed up demand for rental properties.
Unsurprisingly, London boroughs were the most expensive, with the average monthly rent for a 2-bed house costing £1,360. Ouch.