With more of us expecting to rent for longer, it's never been more important to keep abreast of changes in the property market.
Though research has found that tenants in their 20s spend an average of 34% of their pre-tax income on rent, in many parts of the UK young women are actually spending much more than this, especially if they choose to live alone.
However, there is some good news for members of #GenerationRent. According to SpareRoom, which has analysed nearly 250,000 of its room listings during the final three months of 2019, the average cost of renting a room in London has remained steady year-on-year.
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Outside of London, the average cost of renting a room has increased only very slightly – by 2% year-on-year.
The average room rent in London remains steady at £727 a month, but this is still dramatically above the average outside of the capital, which comes in at £484 a month.
It's possible to find more affordable rents in London, mainly if you look in areas of east and southeast London that are outside of Zones 1 and 2.
In Abbey Wood, a part of southeast London which will soon benefit from being connected to central London by the Elizabeth Line of Crossrail, the average room rent is just £533 a month.
In the east London district of Manor Park, which is a 13-minute train ride from Liverpool Street, the average room rent is £537 a month.
Check out the least and most affordable places to rent in London below (this is why you never meet anyone who lives in EC4).
According to SpareRoom, many of the most expensive places to rent outside of London are popular commuter towns and suburbs such as Twickenham, Kingston upon Thames, Croydon, Reigate and Esher.
By contrast, the most affordable rents can be found in Galashiels in Scotland, Lisburn and Craigavon in Northern Ireland, Bangor in Wales, and Sunderland in northeast England.
Check out the least and most affordable places to rent outside of London below.
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