Recent data from the Office of National Statistics (ONS) indicates that rent prices in Bristol have become increasingly burdensome, with typical private tenants spending 44.6 percent of their income on rent in 2024. This figure is significantly higher than the 30 percent threshold considered “affordable” by the ONS. Along with London and Brighton, Bristol is now categorized as one of the regions with the least affordable rental markets in the UK.
The ONS calculates rental affordability by assessing the proportion of household income that goes towards rent. Areas where rent constitutes 30 percent or less of the median income of private renting households are deemed affordable. Historical data reveals that Bristol’s rental costs peaked in 2018 at 46.9 percent of income and have remained consistently above 30 percent since 2016.
Factors contributing to high rental prices in Bristol include the presence of universities and commuter access to larger cities. In addition to Bristol, Bath and North East Somerset also rank among the areas with some of the least affordable rents, where average rent costs in 2024 account for 42.7 percent of household incomes. This marks an increase from the previous year’s rate of 37.8 percent, indicating a broader trend of rising rental costs since 2016, when figures have generally exceeded 40 percent.
Sarah Coles, head of personal finance at Hargreaves Lansdown in Bristol, noted that many landlords are selling their properties due to rising costs associated with regulations and taxes. This shift is leading to fewer available rental properties, resulting in increased competition among tenants and therefore, higher rents. Although wages have seen growth, they have not kept pace with the rate of rental increases in the area.
Source: https://www.bbc.com/news/articles/cdrke7edgr0o?at_medium=RSS&at_campaign=rss