Rent Affordability Calculator

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Rent Affordability Calculator

Insert your annual gross salary and we calculate the maximum monthly rent you can afford.

Your annual salary before tax (in £):

Your annual salary before tax (in £): £0

As a tenant, you can afford: £0

As a guarantor, you can cover: £0

What is meant by rent affordability?
Rent affordability refers to the extent to which a tenant’s income aligns with the requirements for renting a property. Several factors come into play when assessing rent affordability, primarily the tenant’s income in relation to the rental cost. However, there are instances where a prospective tenant may seem to have good rent affordability on the surface but faces other obstacles to securing a rental, such as a low credit score or a lifestyle that doesn’t match the property they desire.

Example: Someone with a high income relative to the rent may still be denied a one-bedroom apartment due to significant debt or the presence of a pet, coupled with a problematic credit history, making them an unsuitable match for the property. Examples like these highlight that rent affordability is just one piece of the puzzle when evaluating a tenant’s suitability for a particular home.

Explaining Rent Affordability

How does one’s salary affect their rent affordability?
Salary plays a crucial role in determining rent affordability, as it must typically be at least 2.5 times the annual rent for a property. Many letting agents, property managers, and landlords use this guideline as a benchmark. Some may also use a different approach, requiring that the salary be at least thirty times the monthly rent. However, both methods of assessing affordability yield similar results.

Nevertheless, tenant referencing involves more than just evaluating rent affordability; it encompasses various factors. Related to salary, the person conducting the referencing will also consider the stability of your income source. Erratic income patterns, such as earning a lot in a few months but experiencing income fluctuations for the rest of the year, can negatively impact your perceived rent affordability.

Additionally, income generated from a business under your name, without a track record of consistent income for 3-5 years, is often viewed as riskier.

As a result, tenants with the best chances of approval in terms of their salary are those with a history of stable employment and a salary that is at least thirty times the rent amount set by the landlord.

Can a guarantor help improve rent affordability?
Certainly, a guarantor can be instrumental in enhancing rent affordability, especially for individuals who lack a favorable credit history and have relatively modest incomes. This situation is common among students and DSS tenants. You can opt for a guarantor company, although it’s more typical to enlist the support of a close friend or family member.

If you choose to have a guarantor, they typically need to earn three times the property’s annual rental income per year, whereas a tenant usually needs to earn 2.5 times the annual rent payments. However, this is a general guideline followed by most letting agents and landlords.

For instance, if a tenant’s income falls short by earning only two times the annual rental income, necessitating a guarantor, the guarantor must earn three times the annual income to cover the rent and secure the tenant’s approval for the property.

In cases where a tenant cannot secure a guarantor, alternative methods to explore for reducing living expenses are discussed in our article on how to live rent-free.

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Room Club is associated and listed with professional organisations to protect our tenants.


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Room Club

Are You a Landlord or Private Property Owner with a Room For Rent?

We are more than just a company; we are a community of individuals dedicated to making a positive impact on the property market and the lives of our customers.

Whether you’re a property owner seeking reliable partners or a tenant in search of a comfortable and secure shared accommodation, we welcome you to be a part of our journey.

Streamline your entire pre-tenancy process, take control of your time, and save money by bringing it all under one roof.

Tenancy360 is a one stop shop for all of your tenant onboarding needs.

From initial applications, in-depth referencing, payment collection, compliance support and e-signable tenancy agreements, you can get everything ready to hand over the keys, all in one online portal.

Our platform is free to sign up, with no rolling costs. It is a purely pay as you go system, to support landlords and agents of any size.

Please reach out if you have any queries on our platform!

Contact Number: +44 (0) 1494 304 472