Oxford ranks as third least affordable city for renters

Oxford ranked as one of the least affordable cities for renters <i>(Image: Oxford City Council)</i>
Oxford ranked as one of the least affordable cities for renters (Image: Oxford City Council)

Oxford has been named as one of the UK’s least affordable cities for renters, in a new study.

The city ranks third, behind only Bournemouth and Brighton.

Oxford tenants are currently spending an average of 44.9 per cent of their take-home salary on rent, nearly 7 per cent more than the national average.

The average tenant in Oxford spends £923 per month on rent, with an average take-home income of £24,656.

The study, conducted by tenant and landlord services provider Canopy, paints a better picture for some Oxfordshire towns.

According to the study tenants in Bicester use 37.7 per cent of their income on rent, while in Banbury and Didcot the figure stands at 38.7 per cent.

The rental affordability index notes that the majority of UK tenants’ rental costs have hit the limit of what experts deem "affordable".

More than a quarter of UK tenants are spending at least half of their take-home salary on rent, with 36 per cent of tenants in Oxford spending over half of their salary on rent.

Chris Hutchinson, CEO at Canopy, said: "It is sobering to see that more than a quarter of UK tenants are spending the vast majority of their take-home salary on rental payments, and it neatly encapsulates the tricky situation that many tenants with aspirations of home ownership are in."