Living alone costs Brits over a third of their salaries

A new analysis of the UK rental market shows the cost of renting a place solo costs renters almost 40% of their monthly income.

 The average cost of renting alone in the UK stands at £750 on average, found an analysis of 13,000 tenancies by Goodlord. This rises to £1,250 for those looking to get a place on their own in the capital.

This compares starkly to a £500 per month average for those who share a property with one other person, dropping to £469 per person if there are three people sharing the property.

Twenty-eight percent of renters across the UK opt to live alone, with an average age of 32. The median income of this group is £25,000, meaning solo-renters are spending 36% of their income on rent.

In contrast, 59% of Brits rent with one other tenant. However, despite the cheaper rents, with a median income of £22,000 per year this group still spends 27% of their pay-cheque on rent.

The North East is the cheapest area to be a tenant in the UK, with average monthly rents standing at £618, followed by the West Midlands where the average cost is £699 per month.

UK rental statistics

London rental statistics

“It’s becoming increasingly expensive to live alone across the UK and particularly in London. With the average cost of renting a property solo standing at £750 a month, 36% of the average person’s salary, it’s no wonder that more and more young professionals are living in house shares well into their thirties," says Tom Mundy, COO and co-founder of Goodlord.

"This means it’s incumbent upon landlords to ensure that their properties are well-maintained, any issues are handled quickly, and that any rent increases are justified, to help making renting as positive an experience as possible.”