Single tenants in Tower Hamlets spent an average of 70% of their monthly salary on paying rent according to data from the Office For National Statistics , analysed by online estate agency Sellhousefast.co.uk .
It found the typical monthly salary in the borough after income and council tax deductions was £2,077.33, while the average rent on a one-bedroom flat there was £1,464.
Worse still, single tenants in Newham were spending an average of 74% of their salary on rent every month, with average salaries of £1,479.65 struggling to cope with average rents of £1,102.
Kensington and Chelsea came in as the most expensive borough, with an average of 85% of a tenant’s average salary being spent on rent.
The survey said the most affordable boroughs were Havering and Bromley, where the figure was 42%.
The figures showed tenants in 25 out of 30 London boroughs paid more than half of their monthly salary on rent for a one-bedroom property.
Its findings assume the average single tenant would opt to rent an average one-bedroom home rather than share a property or go for something cheaper.
Sellhousefast.co.uk managing director Robby Du Toit said: “As demand has consistently exceeded supply over the last few years, Londoners have been caught up in a very competitive property market where prices haven’t always reflected fair value.
“This notion is demonstrated through this research whereby private rental prices in London are certainly over-stretching single tenants, to the extent they must sacrifice more than half their monthly salary.
“For those single tenants with ambitions to climb up the property ladder, their intentions are painfully jeopardised as they can’t set aside a sufficient amount each month to save up for a deposit or explore better alternatives.
“It’s not only distressing for them but worrying for the property market as a whole - where the ‘generation rent’ notion is truly continuing to spiral further.”
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