Analysis by London-based lettings and estate agent Benham and Reeves reveals that one out of every five rental properties across Britain commands an average rent that matches the typical monthly salary of the average worker.

Diving into the data, Benham and Reeves examined the current rental market, leveraging information provided by Rightmove. They compared asking rents against the average earnings of the typical Briton. What they discovered paints a challenging picture for renters.

On average, the annual salary for someone in Britain is £35,481, which breaks down to a monthly income of around £2,957. With that in mind, Benham and Reeves revealed that 22% of rental properties are currently listed at, or above, this figure when it comes to monthly asking rent.

When looking at London, the figures become even more staggering. Nearly half—47%—of rental properties in the capital are listed with an asking rent that exceeds the average monthly British income.

In contrast, the East Midlands presents a more affordable scenario, with just 2.5% of rental properties crossing the threshold of the average monthly salary.

In a further examination of the rental market, they found some properties commanding monthly rents equivalent to the average annual salary of £35,000. While these properties make up only a small portion of the market, accounting for 0.3% of all rental listings (289 properties in total), their existence highlights the extremities within Britain’s rental sector.

Unsurprisingly, these ultra-high-end rentals, or “super prime” properties, are predominantly concentrated in London, which accounts for 96% of them. A small number, however, can also be found in the South East (2.4%), North West (1%), and South West (0.3%).

London’s super prime rental market itself is confined to a mere 11 boroughs. Westminster leads the charge, boasting the highest number of these exclusive rentals at 160, representing 3.3% of all rental listings in the borough. Kensington and Chelsea follow with 80 such properties, while other boroughs featuring these elite listings include Camden (14), Barnet (13), Brent (3), and Hounslow (2). Additionally, boroughs such as the City of London, Haringey, Islington, and Southwark each host one super prime rental property.

Marc von Grundherr, director of Benham and Reeves, provided a sobering reflection on the situation: “Rents have soared in recent times and our research demonstrates just how tough it is for the average person, with one in five rental properties commanding asking rents that require an entire month’s income or more."

He continued, “Unfortunately, there’s no end in sight when it comes to the rental crisis and this is largely due to the fact that we simply don’t have an adequate level of stock to meet demand – an issue our new Labour government seems set on exacerbating.

“As a result, we’re seeing properties let at pace, often before they’ve even reached the market, with numerous tenants all fighting it out for a single property, which, of course, drives prices ever higher."

He concluded with a stark warning: “If we don’t incentivise landlords to invest into the buy-to-let sector in order to address the imbalance of supply and demand then who knows, we might all be looking at a monthly rent of thirty odd thousand pounds a month before too long.”

In summary, the findings expose the growing pressure on renters, especially in London, where the rental market is increasingly becoming a battleground for those trying to secure even modest accommodation. The high cost of living and fierce competition continue to push prices upward, with no immediate solution in sight.