One Third of Cardiff Household Income Needed to Pay the Rent
The goal of the details are always look around the amount typical Cardiff household earnings is absorbed with the cost in the typical monthly rental within the Welsh Capital and question may be the current rise in rent sustainable? The rent bubble prone to burst?
In our rental market there is the cost of rent increase month on month inside the United kingdom with parts of London reporting such dramatic rent increase that around 50% inherited earnings is required to provide the rent. We’re asking, the amount longer can this trend continue prior to the cost to order a typical Cardiff rentals aren’t sustainable using the average Cardiff household earnings?
As being a Cardiff letting agent and Cardiff property management company we love to to to record while focusing your own historic market data furthermore to trawling the internet we deem tightly related to our business and then we believe helpful for the audience across Wales. Our studies suggest you will find 3,273 characteristics to book in Cardiff available (By seventh November 2011) and 1,083 of individuals were listed within the last fourteen days, while using the average Cardiff rent equating to £908 per thirty days.
The standard Cardiff rent may be damaged lower the following:
· 1 master bed room property £505 monthly
· 2 bed property £651 per thirty days
· 3 master bed room property £789 monthly
· 4 bed property £1008 per thirty days
· 5 master bed room property £1303 monthly
The amount of Cardiff property open to rent by cost is:
· <£250 per calendar month 62 properties
· £250-£500 per month 507 properties
· £500-£1000 per calendar month 1,756 properties
· £1000-£2000 per month 832 properties
· £2000-£5000 per calendar month 109 properties
· £5000 per month 7 properties
Cardiff Council estimates the average Cardiff household income to be £31,829 per annum suggesting that 34 per cent of the average Cardiff household earnings are needed to pay the average rent in the Welsh capital. The Cardiff household income data was collected via the Cardiff Research Centre at postcode level allowing for the creation of Area Profiles to be produced for each of the 29 Electoral Divisions in Cardiff.
With residential rents at an all-time high and industry leaders predicting rents to rise by a further 20% over the next five years the average Cardiff rent would be a staggering £1,089.60, 41 per cent of the average Cardiff household income. With talk of the UK and the Eurozone slipping back into recession these rent levels are surely unsustainable, so when is this rent bubble going to burst?
WebLetz a Cardiff Letting Agent and Cardiff Property Management Company is cutting the cost of connecting landlords and tenants across Cardiff and South Wales through its letting agent solutions and landlords services that include: