Calculate how much rent you can afford based on your annual income.
Based on your £20,000 annual income, the maximum rent you can afford is £667 monthly.
See below for how this is calculated.How is rental affordability calculated?
The general rule of thumb is your annual income should be at least 30 times the monthly rent.
Formula: Monthly Rent = Annual Income ÷ 30
If you’re a tenant looking for a property to rent, click here to view available rental properties in South London. If you’re a landlord, click here for a online free property valuation.
Why Use a Rent Calculator Before Renting?
Renting a property can be one of your biggest monthly expenses, so it’s important to know what you can afford before signing a tenancy agreement. Our Rent Affordability Calculator gives you a clear estimate of what’s financially realistic, based on your income. It saves you time during your property search and prevents future financial stress by setting clear budget expectations. Whether you’re moving into a flat, house share, or family home, understanding your rent affordability is the first step toward finding a property that fits your lifestyle. By using this tool, you’ll feel more confident negotiating with landlords and passing affordability checks during the application process. Plus, it helps you plan your overall finances by leaving room for essentials like bills, travel, and savings. Here are some key benefits of using a rent affordability calculator:
- Avoid overspending on rent
- Find properties within your budget
- Pass affordability checks from landlords and letting agents
- Plan your monthly expenses with confidence
Who Is This Rent Affordability Calculator For?
This calculator is designed for:
- Tenants looking to rent in the UK
- Students or young professionals planning their first rental
- Anyone unsure how much rent they can afford based on income
Rent Affordability Tips
- Your rent should ideally be no more than 33% of your monthly income.
- Always factor in other living costs such as utilities, transport, council tax, and groceries.
- If you’re renting with a partner or flatmate, combine your incomes for a more accurate result.
