Bristol is the second least affordable place to rent outside of London, according to new research. And to live ‘comfortably’ renters would need to earn at least £70,000.
A study by go.compare of the latest Office of National Statistics data shows that average annual rent in Bristol has reached £21,156. Following the idea that no more than 30 per cent of a person’s income should be used for rent, that means £70,520 is needed for private renters to live comfortably.
Bristol has seen the highest increase in the region, with rents rising 62.91 per cent on average since 2015, meaning it has the second highest average increase across Great Britain.
It is followed closely by South Gloucestershire with 60.72 per cent, according to ONS data analysed by Storage Vault. In comparison, in almost a decade, the Aberdeen and Shire area of Scotland saw rents rise by an average by 37.10 per cent.
Outside London, Bristol comes second to Elmbridge in Brighton & Hove, with has an average annual rent of more than £21,864. The average salary for jobs advertised in Bristol is £37,281, £33,000 short of what is needed to afford to privately rent in the city.
Nathan Blackler, home insurance expert at go.compare, said: “The huge differences in rental prices across Britain highlight the urgent need for affordable housing solutions. While some areas are still within reach for renters, many renters are struggling to keep up with rising costs that far exceed their wages.
“This isn’t just a problem for individuals, it impacts local economies and communities as a whole. When tenants are forced to choose between paying rent and other essentials, the ripple effect can be felt throughout neighbourhoods, leading to increased financial stress and instability.”
Fraser Sutherland of Storage Vault, added: “Rises at the levels seen in this data aren’t sustainable. In a country which has seen wages stagnate for over a decade, already stretched budgets become impossible to manage with rental costs increasing by almost 70 per cent in some areas.
“When people become unable to afford increasing prices, ultimately it means they have to move further away from the areas their families, jobs and support networks are in. Moving frequently can also bring additional financial strain, as people need to pack up and transport or store their lives, until they can find a more permanent and affordable home.”
According to Bristol housing charity 1625 Independent People, 30 per cent of people in Bristol now fear they could become homeless. In the past seven years Bristol has seen the number of homeless people in temporary accommodation double and the housing waiting list become twice as long.
Figures released after a Freedom of Information request to Bristol City Council show that in April 2017, there were 8,266 households on the housing register in Bristol. This has risen steadily over the past few years, and now stands at 21,411 according to the figures in May 2024.