‘Unaffordable’ Bristol rents rise to more than a third of income

“Unaffordable” hire costs in Bristol at the moment are costing folks effectively over a 3rd of their family revenue, new knowledge has revealed.Alongside London and Brighton, renting within the metropolis is turning into much less reasonably priced, based on new figures from the Workplace of Nationwide Statistics (ONS).Typical personal tenants within the metropolis spent 44.6 % of their revenue on hire in 2024, which is effectively above the 30 per cent deemed “reasonably priced” by the ONS.Bristol and Tub at the moment are each among the many high 20 least reasonably priced native authorities within the nation, based on the newest figures.To point out the affordability of personal renting the ONS calculated what quantity of month-to-month revenue the month-to-month hire was equal to. Affordability was then based mostly on whether or not an space with personal renting was equal to 30% or much less of the median revenue of personal renting households.In response to the figures, 2018 noticed the very best prices to renters in Bristol at 46.9% of family revenue.The quantity has persistently remained above 30% since 2016.The ONS stated elements comparable to having a college – Bristol has two – or commuter routes to a bigger metropolis may also help drive up hire costs.Sarah Coles, head of private finance for Bristol-based Hargreaves Lansdown, stated landlords are persevering with to promote up as they’re “involved about increased prices from extra regulation and extra tax”.”It means extra tenants chasing dwindling numbers of properties, so rents are persevering with to rise,” she stated.”On the identical time, though wages have risen impressively, they’ve been persistently outpaced by personal rental will increase.”The ONS stated Tub and North East Somerset additionally had a few of the least “reasonably priced” rents exterior London, with common hire prices in 2024 at 42.7% of family incomes.It is a rise since 2023, the place the determine stood at 37.8%, however the determine has typically been above 40% since 2016.