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London is the world's second most expensive city to rent

London is the globe's second most expensive city for renters, according to research by housebuilder Barratt London.

The study analysed 20 cities based on the percentage of a tenant's salary needed to rent a one-bedroom apartment.

Barratt estimates that the average London renter would need to spend approximately 45% of their monthly wage in order to rent a typical one-bedroom apartment charged at £1,250 per month.

San Francisco is the only city where tenants spend a higher proportion of their average wage on rent at 47%. The typical cost of a one-bedroom apartment in the Californian city is £2,768 per month.

The top five is made up by Hong Kong (44%), Tokyo (42%) and New York (40%).

Prague and Cape Town are the cities most relative in respect to income and rental prices, with wage to rent ratios of 21% and 23%. 

Tenants in Dublin, where rents average at under £950, spend just 25% of their salaries on rent payments. 

“Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque," says a spokesperson for Barratt London.

"Renting must remain a viable option for those looking to move home."

London is the world's second most expensive city to rent


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