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.
1. Layton Road, Ashton-on-Ribble
This three-bed mid-terraced in Ashton-on-Ribble, Preston, is available for £700 per month through Easthams and Co. It is unfurnished, but provides parking and has an enclosed rear garden. Photo: Easthams and Co
2. Waltons Parade, Preston
This one-bed furnished apartment in Station Terrace, 8-10 Waltons Parade, Preston, is available for £695 through HG Premier Lettings. The listing says it is a new development offering "ultra modern living" . Photo: Rightmove/HG Premier Lettings
3. Kingsfold, Penwortham
For £695 per month, you can have this two-bedroomed, ground floor flat in Abbots Court, Pope Lane, Penwortham. Agent Jones Cameron say it comprises of a spacious lounge/diner, two bedrooms, a modern kitchen and a three piece bathroom as well as communal garden. Photo: Rightmove/Jones Cameron
4. Whitestake
This mid-terraced cottage in Chainhouse Lane, Whitestake is available through Lawrence Rooney for £695 pcm. It has three bedrooms and a four piece bathroom as well as an outside shared courtyard to the rear, visitors parking available and a driveway at the front. Photo: Rightmove/Lawrence Rooney