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.
5. Brandiforth Street, Bamber Bridge
For £695 pcm you can get this two-bedroomed terraced house in Brandiforth Street, Bamber Bridge. It has been renovated throughout. Photo: Ben Rose/Rightmove
6. Central Preston
A one-bed flat in The Sorting Office, West Cliff, Preston, will set you back £695 pcm. HG Premier Lettings says the unfurnished apartment has a spacious patio area and access to roof top garden area and secure parking bays. Photo: Rightmove/HG Premier Lettings
7. Elliot Close, Preston
This two-bedroomed flat in Elliott Close, Preston, is available for £700 pcm through North West Homes. Photo: North West Homes/Rightmove
8. German appliances
Open Rent describe this one-bed flat in Bank Parade, Preston, as having "huge space throughout" and German showers and designer units. Available for £699 per month. Photo: Open Rent/Rightmove