10 most affordable places to rent (and least) in England
As rent prices increase, it’s good to know where renters can get the best value. And which are the least affordable areas, to avoid.
House prices have fallen as borrowing costs have risen, but rental prices have steadily increased over the last few years, exacerbated by a chronic imbalance between supply and demand. According to Zoopla, demand for rental properties is currently 27% higher than the 5-year average.
While higher rental prices could benefit buy-to-let investors, anyone looking to rent will want to know the areas to steer clear of and the areas to consider when moving.
A study by interior design company Home Stratosphere looked into England’s 147 counties, unitary authorities and London boroughs, ranking them by rental affordability. The ranking was calculated based on median monthly pay, median rent, how much rents had gone up or down since the previous year, and the rent-to-wage ratio.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The most affordable places to rent in England
Rutland in the East Midlands took the top spot. The median rent in Rutland between April 2022 and March 2023 was £775, a drop of 3.7% from the year before. With a median monthly wage of £2,600, residents have a rent-to-wage ratio of 29.8%.
Hartlepool in the northeast came in second with a score of 82.1 and a median rent of £495. Rent has only increased 0.6% over the last year, and the median monthly wage is £2,158 – meaning it has a low rent-to-wage ratio of 22.9%.
And Kingston upon Hull in Yorkshire claimed third place with a score of 81.7. The median rent remained unchanged this year from the year before at £450. The average monthly wage is £2,020, meaning the rent-to-wage ratio is 22.3%.
Rank | Area | Median rent (April 22 - March 23) | Rent to wage ratio |
---|---|---|---|
1 | Rutland | £775 | 30% |
2 | Hartlepool | £495 | 23% |
3 | Kingston upon Hull | £450 | 22% |
4 | Warrington | £650 | 28% |
5 | Stoke-on-Trent | £500 | 24% |
6 | Wokingham | £1,100 | 37% |
7 | St. Helens | £575 | 24% |
8 | Warwickshire | £800 | 32% |
9 | Derby | £625 | 29% |
10 | East Riding of Yorkshire | £575 | 25% |
The least affordable places to rent in England
Unsurprisingly, seven out of 10 of the least affordable places to rent in England are in London.
Westminster ranked as the least affordable rental location in England. Residents earn a median monthly wage of £3,195 and the average rent is £2,455 – a whopping 76.8% of the average resident’s monthly income, but what propelled it into the top spot was the 22.9% average rent increase from the year before.
Kensington and Chelsea ranked second worst, with a median monthly wage of £3,086 and an average rent of £2,500. That represents 81% of the median wage.
And Camden in north London took the third spot for the least affordable place to live. The average rent is £1,950 while average wages are £2,989, making the rent-to-wage ratio 65.2%.
Outside London, Brighton and Hove came in fifth, Bristol came in 8th and Bath and North East Somerset came in 9th.
Rank | Area | Median rent (April 22 - March 23) | Rent to wage ratio |
---|---|---|---|
1 | Westminster | £2,455 | 76.8% |
2 | Kensington and Chelsea | £2,500 | 81.0% |
3 | Camden | £1,950 | 65.2% |
4 | Hackney | £1,750 | 64.8% |
5 | Brighton and Hove | £2,259 | 55.3% |
6 | Southwark | £2,904 | 62.0% |
7 | Merton | £1,600 | 63.8% |
8 | Bristol | £2,417 | 53.6% |
9 | Bath and North East Somerset | £2,290 | 52.2% |
10 | Barnet | £1,500 | 55.5% |
Related articles
- Buying vs renting: as mortgage rates remain at 6%, which is cheaper?
- Rents are still rising but could reach their limit by 2025 – is buy-to-let still worth it?
- The most profitable areas for buy-to-let
- The fallout from the war on landlords
Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She joined MoneyWeek in 2019.
-
Revealed: how much you need to earn to afford a house in the UK
News The average UK salary is £20k too low to afford the country's typical house price - we look at just how much you need to earn to step onto the property ladder in the UK
By Henry Sandercock Published
-
Revealed: the countries with the most generous pensions
The UK state pension is often criticised for failing to deliver a comfortable retirement. So, how does our pension system compare to other countries - which countries are most generous, and at what age can you claim a state pension?
By Ruth Emery Published
-
Val d’Isère is a valley of delights
MoneyWeek Travel Matthew Partridge reviews Airelles Val d’Isere and Hotel Mont-Blanc in the famous French ski resort
By Dr Matthew Partridge Published
-
Review: The Ozen Collection – a dream stay in the Maldives
MoneyWeek Travel Ozen Life Maadhoo and Ozen Reserve Bolifushi, where luxury meets nature, are almost too good to be true, says Nicole García Mérida.
By Nicole García Mérida Published
-
Review: An odyssey through Sri Lanka
MoneyWeek Travel Merryn Somerset Webb explores the South Asian country’s ruins, jungle and fabulous food.
By Merryn Somerset Webb Published
-
Flexjet review: the only way to fly
MoneyWeek Travel Chris Carter flies with Flexjet, a provider of fractional ownership of private jets, to St Moritz in Switzerland for the Snow Polo World Cup.
By Chris Carter Published
-
South American nature holidays – take a walk on the wild side
Travel We find holidays in South America where you can explore nature in all its diversity.
By Chris Carter Published
-
Collectables: The Christmas gift for people who have everything
A collectable is deeply personal. It is the archetypal thoughtful Christmas gift.
By Chris Carter Published
-
Lucknam Park Hotel review: a stately stay in the country
MoneyWeek Travel Matthew Partridge tries his hand at horse riding at the luxury Lucknam Park Hotel in Wiltshire.
By Dr Matthew Partridge Published
-
Calilo – sustainable luxury on a Greek island: MoneyWeek Travel
MoneyWeek Travel Rupert Hargreaves visits Calilo, a resort on the Greek island of Ios, where sustainability and luxury live in harmony
By Rupert Hargreaves Published