Want to rent in Camden? That’ll cost two thirds of your take home pay
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Rent rises may have slowed across London, but private tenants in Camden still have to stump up 68 per cent of their salaries in rent.
The cost of renting a home in the borough hit £2,056 per month according to figures from HomeLet.
This is more than two thirds of the local average monthly take home pay of £3,041.
Affordable rent is defined as taking up no more than 35pc of net income.
Seb Klier, London campaigns manager for Generation Rent said: “A combination of a lack of housing supply, a growing London population and a failure to regulate the private rented sector has led to rents that are not sustainable if we want to retain the mixed communities that have characterised London for so long.”
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The report did give some hope to Camden renters amid early signs that rents may be plateauing following years of steep rises.
The figures showed average rents in Camden rose 6pc this year compared to 19pc the previous year.
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A separate report from Spareroom.co.uk also found that the cost of a double room in north west London postcodes had dropped by 4pc this year.
But average rents for a double room in the NW3 postcode were still between £800 and £899 per month.
Matt Hutchinson, director of SpareRoom.co.uk, said: “London rents have risen under 2pc year on year for the second quarter in a row.
“It’s too early to know if this is the start of a calmer period for the capital’s renters, or whether what we’re seeing is driven by uncertainty surrounding Brexit. Renters will certainly be hoping it’s the former.”
However, there were fears the current slowing pace of rent increases could be too little too late for low and medium income Camden residents following years of rocketing prices.
Mr Klier said: “Although rents may be stabilising in parts of north London, they are currently at levels that are completely unaffordable to anyone on an average income, let alone a full-time worker on the national minimum wage.
“The government could improve the lives of millions of private renters overnight by introducing rent controls, ending ‘no fault’ evictions and fully licensing all landlords to ensure they are professional and provide a good service.
“Private tenants should be pushing their local authorities and the London Mayor to guarantee at least 50pc of genuinely affordable homes on new London developments, as well coming together as part of a larger city and countrywide movement to demand better rights for renters and a professional and affordable private rented sector.”