Even those earning average salaries risk being priced out of the lettings market by high rents according to an insurance agency.
Research by Landlord Secure suggests the average annual salary in the UK is about £27,000 but around a fifth of landlords - and agents acting on their behalf - would expect any applicant to be earning at least £30,000 a year.
Nearly one in 10 landlords admitted that they would be unlikely to progress an application from anyone earning below £50,000, with some of those saying applicants should be earning £100,000 to be in with a chance of success.
The company says a lack of understanding about the UK credit market has been suggested as one reason for these high wage expectations, with 47 per cent of landlords believing that those on higher wages will automatically have better credit scores and a better financial footprint – although this is not always the case.
However, 26 per cent of landlords say they would be willing to consider tenants earning at least £15,000 a year while nearly one in five would not dismiss those on minimum wage.
The same report has also revealed how long landlords would expect an applicant to have been in a stable financial position, with 28 per cent expecting any new tenant to have been in a “strong” position financially for at least six months prior to their application.
Others would be much more cautious when it comes to an applicant’s financial history and 21 per cent would expect any applicant to have had sound finances for at least a year before signing a rental agreement with them.