Average rental income | Average Rental income percentage revealed
The latest figures from rental industry experts have indicated that the average rent is now 38% of income. For those living in London, this can soar to 71%, making the cost of living extremely high for many people.
The rental industry has become in high demand, with many people being priced out of the property market and having to look for lets instead. The average monthly payment is now £868, a 1% rise on figures for the same month in 2011. However, this has dropped slightly from the record that September 2011 saw, where rental prices averaged £890. However, for those wanting to live and work in London, rental prices have risen dramatically, with the average yearly cost for renting amounting to £25,824. This is 71% of the average London salary of £36,384.
The latest figures suggest that a number of new properties coming on to the market have allowed the rental cost to fall slightly from the peaks seen in 2011. If you have property to let then paying attention to these prices could help establish the correct rates for your own homes where tenants reside. However, if you are using Charlton Grace in Basingstoke to let your properties, it is also important to bear in mind that London is only a 30-minute rail commute away, meaning that you may be able to entice people who have been priced out of the capital city to rent near Basingstoke and commute to jobs instead.
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