"'Unaffordable' rents well over a third of income"

Bristol's rental market has become increasingly unaffordable, with tenants spending an average of 44. 6% of their income on rent in 2024, far exceeding the 30% threshold set by the Office of National Statistics. This trend places Bristol among the top 20 least affordable local authorities in the UK, alongside London and Brighton. The ONS attributes rising rents to factors like the presence of universities and good commuter links. Landlords are selling properties out of concern for increasing regulations and taxes, resulting in a tighter rental market.

Although wages have risen, they have not kept pace with rental increases, further straining tenants' finances. Bath and North East Somerset has also seen a rise in rental costs, with average rents at 42. 7% of household incomes, up from 37. 8% in 2023. The affordability crisis has persisted since 2016, with renters facing a growing burden.

These trends highlight the urgent need for policy interventions to address housing affordability in the region.