News from Sian Berry: Young Londoners spend 60% of their income on rent
New figures from Countrywide show that young Londoners are spending almost 60 per cent of their income on rent. London has high concentrations of rental properties and rent prices have increased by 48 per cent since 2007 – more than four times faster than incomes.(1)
London Assembly Member Sian Berry says:
“The outrageous cost of rent means most young Londoners are struggling to make ends meet every month. How can young people build a bright future for themselves and our city if nearly 60% of their income is spent on rent? I am happy that the Mayor agreed to consider the lower incomes of women when calculating a ‘living rent’ for London, and that he will look at a separate ‘Student Living Rent’ figure but Londoners need much more.
“London’s 2.3 million private renters, like myself, need protection from greedy landlords and letting agents. We also need a London Renters Union funded by but independent of City Hall that would enforce existing rules for landlords and lettings agents and help support renters with information and campaign for things like rent controls.”