CAPITAL residents spend almost a quarter of their average annual income on rent, according to a new study charting the most expensive places to live and work in the UK.
Edinburgh came third behind London and Brighton in analysis of rent levels by online job board CV Library.
According to the report, the average monthly rent in the city is £463 – equating to around 23 per cent of the mean monthly salary. It’s the latest in a series of damning reports highlighting the soaring cost of living across the Capital.
The Evening News revealed in October how costs for private-sector rentals had skyrocketed by almost 40 per cent over the past seven years.
Local transport links including ScotRail and Lothian Buses announced fare increases over the past month.
The train provider announced fares would rise by more than 3 per cent later this month, while Lothian Buses revealed fares would rise for the first time in two years to £1.70 for a single journey.
The figures – calculated on the basis of two people splitting the monthly cost of a two-bedroom property – place Edinburgh top of the league for rental costs in Scotland.
Aberdeen was second was an average monthly rate of £317 while Glasgow was third with £301.
However, the oil capital had the highest monthly pay, with workers earning an average of £2,301.
It placed Scottish cities well behind London, where renters experience monthly rents of around £836 a month, over 37 per cent of their monthly wage.
Green party economy spokesperson Councillor Claire Miller said: “This is the latest in a long line of reports which show the high toll that unaffordable housing places on our city economy.”
“With private rents having risen by 37 per cent in the last seven years, it is making the city a no-go zone for young people and people working in vital sectors like care.
“Furthermore, by pushing people outside of the city it puts even greater pressures on congested roads.
She continued: “Just today the council considered a proposal for action to address high rents.
“The report shows how urgently that action is needed and across the whole city.”
Lee Biggins, managing director of CV-Library, said: “Generation ‘rent’ is well and truly in full swing, and while some cities offer manageable living costs and generous pay packets, others could be pushing workers to breaking point.”
The study did not factor in additional costs on top of rent, such as council tax, electricity, water and gas bills, or other monthly outgoings including mobile phone and internet contracts, pension, transport and insurance.
People living in cities such as London, Brighton, Edinburgh and Bristol could be heading towards “debt levels” each month, said the report.