Leeds letting agent reveals how much you must earn to secure a city centre apartment
Leeds property agency reveals the best way to secure an apartment in the city’s prized postcodes
A Leeds-based property agency has revealed the earnings required to secure a city centre apartment.
Zenko City Living, based on the corner of Wharf Street, said tenants can expect to pay an average of £1250 per month in some of the city’s most central areas.
They suggest that sharing the cost with another person can make apartments in sought-after parts of Leeds much more affordable.
“The figures show that two people on relatively modest salaries can have access to a good choice of properties in some of the most popular parts of the city,” said Tobias Duczenko, Managing Director at the lettings agent.
Tobias added: “The average salary in Leeds is around £37,596 per year, which would equate to an affordability threshold of approximately £1,250 a month for an individual, or £2,500 for two people earning this amount, which gives them access to many of the city centre’s very best apartments.”
With the National Living Wage currently sitting at £12.71, this equates to £26,000 per year for someone working full-time, meaning they could meet the income requirement for a monthly rent of approximately £866.
Data published by Zenko also displays that for those looking to rent in the LS2 postcode, which covers The Calls and Millennium Square, sharing the cost with another tenant makes these prized locations much more affordable.
“It’s also worth remembering that demand for city centre rental properties tends to come from a young professional population, who mostly work in Leeds city centre,” said Tobias.
Compared to other cities, Leeds and the wider Yorkshire and the Humber region is second-only to the North East in being the most affordable area to live in the UK.
Research by Canopy Rent shows that tenants spend 35% of their monthly income on rent in the area.