Wakefield named one of the most affordable Yorkshire towns and cities for renters

Tenants in Wakefield are currently spending around a third (34%) of their take-home pay on rent, and the average monthly rental share is £619 here.

Both the rent to income ratio and the average monthly rental cost were very similar in nearby Sheffield.

Renters in Hull spend the least in Yorkshire though, with 32.6% of their net income is going on rent typically. The average monthly rent is also the lowest at £536.

Wakefield, Hull and Sheffield all featured in the UK top ten list of the most affordable cities for renters.

The insight comes from tenant and landlord services provider Canopy who have released their inaugural rental affordability index.

Overall, Harrogate came out as the least affordable major town or city for renters in the Yorkshire region.

An average of 38.5% of net (take-home) income is going on rent here, and the average monthly rental share is £770 per month.

Renters in Barnsley also spend a higher 37.2% of their take-home salary on rent.

Chris Hutchinson, CEO at Canopy, commented: “It is sobering to see that more than a quarter of UK tenants are spending the vast majority of their take-home salary on rental payments, and it neatly encapsulates the tricky situation that many tenants with aspirations of home ownership are in.

According to our latest data, renters are spending 38% of their take-home income on rent vs 18% for homeowners paying mortgages. That highlights the financial pressure on renters, meaning less money is able to be saved to achieve their goals.

Despite the price stability that further regulation would have on the market, there would likely be additional disincentives for landlords, leading to more leaving the market, and therefore reducing rental housing supply, or those remaining being less inclined to adequately maintain their properties. Where we could see positive change is towards longer tenancies for those who desire them, fostering greater security for families and communities.”