UK’s Private Renters must work for 11 days every month to pay their rent and reach #RENTFREEDOMDAY
Research reveals the towns where tenants work longest to pay their rent.
On average the nation’s ten million strong army of tenants(1) who rent privately must work for 11 days, or 40% of the month, before they have paid their accommodation costs(2) and reach #RentFreedomDay on the 12th.
It takes longest to reach #RentFreedomDay in Gloucester – 14 days
Derby reaches #RentFreedomDay after only 6 days
The research by rentals platform CreditLadder lifts the lid on how long tenants must work each month to pay their rent in different cities across the UK.
It takes the average person in full-time employment 11 days each month to earn enough money to pay their rent out of their net salary.
This means the day when they have finished paying their rent and can start paying for basics such as food, transport and energy bills is the 12th of every month or #RentFreedomDay(3).
It takes another two and a half days each month to pay for these basics on top of the rent says CreditLadder.co.uk the online platform that enables tenants to make their rent count towards their credit score(4).
This highlights the monthly burden that many of the UK’s tenants shoulder while trying to earn enough money to pay their rent.
In Gloucester it takes 13 days (or two days more than the average) to pay the rent, while in Derby it takes just six days to be rent free.
In Leeds it takes tenants seven days on average to pay off the rent followed by Bolton, Belfast, Coventry, Doncaster, Manchester, Newcastle and Wolverhampton at eight days.
After Gloucester, cities and towns where tenants must work for the longest to pay their rent include Brighton & Hove, Peterborough and Reading, where it takes 12 days to pay the rent.
“It’s clear that rent eats up a shockingly high proportion of people’s wages even though for many renting privately it is the only option,” says Sheraz Dar, CEO of CreditLadder.
“Our research also highlights the big differences in rental affordability up and down the nation which can vary at its most extreme by up to seven days”ending £5 a day on sandwiches/crisps/drinks.
Try and get into the habit of taking rolls or the leftovers from the night before. Its amazing how much this can save over the course of the month.
(1) ONS housing figures x average household size of 2.58.
(2) Data sources used to complete the research for this release included CreditLadder’s internal anonymised rental payments data and average earnings data from the Office of National Statistics.
(3) Annual Survey of Hours and Earnings: 2017 provisional and 2016 revised results
(4) Annual living expense data, Money Advice Service. https://www.moneyadviceservice.org.uk/en/articles/paying-you…