According to new research by HomeLet, which provides insurance products to the private rented sector, Leeds is among the best-value cities in the UK to rent a home. Leeds was ranked third in a list of the most affordable places to live. Only Plymouth and Cardiff were ranked higher.
A total of 16 cities across the UK were analysed by HomeLet, aiming to find the most expensive and cheapest areas, compared to local incomes. The average annual income in Leeds was found to be £25,445, while the average rent was £547 a month. Thus, the average renter in Leeds spends roughly a third (34%) of their income on rent.
Unsurprisingly, London was found to be the least affordable place to live. Although the average income is nearly double that of Leeds (£50,193), 49% of earnings in the capital are gobbled up by rent.
Happily, HomeLet’s recent rental index shows that rents in most areas of the UK have dropped for the second consecutive month, so even London tenants might have some money leftover to spend on Christmas presents!