Figures from Ocasa show that the average monthly household net earnings in the region is £3,678, and the average rental cost is £699 – or 19 per cent of net income.
The average household earns £4,030 after tax across England, with an average monthly cost of rent currently sitting at £946 – almost a quarter (23.5 per cent) of household incomes.
Lack of stock
Sales and Marketing Director at Ocasa, Jack Godby, said: “The high cost of renting is certainly nothing new but we’ve seen a lack of suitable stock, coupled with consistent and increasing demand from tenants, continue to push rental prices ever higher.
"In addition, we’re simply not seeing the same levels of growth when it comes to earnings and this has caused the rental affordability gap to widen.
“As a result, the average tenant across England is paying almost a quarter of their post-tax income on the cost of renting. At the same time, the cost of living crisis has stretched them even thinner, with the additional costs associated with a rental property climbing considerably in recent months.”
To find out what’s available on the Lancashire rental market for the average cost of £699, click on the pages below.