Want to rent in Hackney? It’ll cost you three quarters of your take home pay
- Credit: PA Wire/Press Association Images
Rent rises may have slowed across London, but private tenants in Hackney still have to stump up 73 per cent of their salaries in rent.
The cost of renting a home in the borough hit £1,716 per month according to figures from HomeLet.
This is nearly three quarters of the average monthly take home pay in the borough of £2,335.
Seb Klier, London campaigns manager for Generation Rent said: “A combination of a lack of housing supply, a growing London population and a failure to regulate the private rented sector has led to rents that are not sustainable if we want to retain the mixed communities that have characterised London for so long.
Despite the high proportion of renters’ salaries that is spent on housing costs, there are early signs that rental prices may be plateauing following years of steep rises.
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Average rents in Hackney rose 2.7 pc this year compared to 7 pc the previous year.
A separate report from Spareroom.co.uk also found that the cost of a double room in east London postcodes, including Hackney, had slowed to 2 pc this year.
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But average room rents in the E8, E9 and N16 postcodes were still between £700 and £799 per month.
Matt Hutchinson, director of SpareRoom.co.uk, said: “London rents have risen under 2pc year on year for the second quarter in a row.
“It’s too early to know if this is the start of a calmer period for the capital’s renters, or whether what we’re seeing is driven by uncertainty surrounding Brexit. Renters will certainly be hoping it’s the former.”
Mr Klier said: “Although rents may be stabilising in parts of London, they are currently at levels that are completely unaffordable to anyone on an average income, let alone a full-time worker on the national minimum wage.
“Private tenants should be pushing their local authorities and the London Mayor to guarantee at least 50pc of genuinely affordable homes on new London developments, as well coming together as part of a larger city and countrywide movement to demand better rights for renters and a professional and affordable private rented sector.
“The government could improve the lives of millions of private renters overnight by introducing rent controls, ending ‘no fault’ evictions and fully licensing all landlords to ensure they are professional and provide a good service.”