10 cheapest places to rent in England
As rent prices increase it’s good to know where renters can get the cheapest rent, 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.
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The cheapest 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 most expensive 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% |
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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.
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