Fifth of income spent on rent

The average room costs £365 per month to rent – the equivalent of 22% of an average person’s net income.

Flatshare rents are currently rising at nearly 5% per year, compared to annual pay growth of just 2.8% which will mean flatsharers will face spending22.9% of their take home wage on rents next year.

Jonathan Moore, director of Easyroommate, said: “At a time when inflation is running wild, the cost of renting is escalating, placing a growing number of renters under financial stress.

“Flatsharing is the cheapest option for renters looking to trim their monthly outgoings, but even this section of the rental market is feeling the effects of surging demand, and rents are rising as a result.

“With the economy’s recovery looking sluggish at best and the ongoing mortgage famine driving growing demand for limited rental space, rent increases will continue to outstrip salary growth for the foreseeable future.”