Spotahome: Dublin, Lisbon and Valletta less affordable than London
Dublin, Lisbon, and Valletta all rank higher than London for relative rental unaffordability, according to data collected by Spotahome.
The firm analysed the data based on average net salary, as well as the average cost of renting a one-bedroom apartment, highlighting what percentage of salary is required to cover the cost of renting.
According to Spotahome, the average price to rent per month in Lisbon is £799 and the average net monthly salary is £988. This equates to 80.9% of renters total income going towards rent.
In Malta, for a rental property it costs £748 per month, accounting for 75.9% of the average salary, £986.
An average rental property in Dublin costs £1,500 per month, paired with an average monthly salary of £2,146, this equates to the average renter spending 69.9% of their income on renting.
In comparison, the average monthly rental price in London is £965, however, the average net salary is £2,590. The research outlines that this equals 68.1% of an individuals total income going towards rent.
James Kirimy, general manager for Spotahome UK and Ireland, said: “London is often considered the most expensive place to rent across the UK and Europe and for a good reason.
“The city is home to the highest average rental costs of all capital cities in the UK and the European Union. However, it’s also home to one of the highest average salaries and this higher earning potential means that while still expensive, it isn’t the most unaffordable city to rent in.
“Of course, the trick to relocating to any major city is a bit of local knowledge, and while London rents are high, there are plenty of pockets where you can rent for less while still earning a great wage, reducing the percentage of income spent on putting a roof over your head in the process.”