Cost of Rent Day: Renters reach the day when they finally earn enough to pay a year’s worth of rent

Renters have christened 11 May ‘Cost of Rent Day’ – the day when they finally earn enough cash to pay off a year’s worth of rent to their landlord.

Tenants in England pay around 36% of their gross income on rent on average, according to the Office for National Statistics (ONS).

When compared with average earnings and translated to a portion of the year, that equates to 131 days, meaning 11 May is the day when tenants’ income overtakes how much they pay their landlord each year.

Cost of Rent Day – which is six days later in 2026 when compared to the previous year due to rising costs – demonstrates just how unaffordable private renting proves to be, according to Clara Collingwood, director at the Renters’ Reform Coalition.

“The fact that the average renter in England works for over a third of the year just to put money in their landlord’s pockets shows just how unsustainable the cost of renting has become,” said Collingwood. 

“Skyrocketing rents are stealing months of our lives, pushing renters into poverty and preventing us from saving, putting down deposits or spending our wages on whatever matters to us.

“Homes are the foundation of our lives, and with stakes this high the government must take decisive action to get a grip on out-of-control rents; relying on housebuilding alone won’t get the job done. Meanwhile, renters are bearing the cost of government inaction.” 

Cost of Rent Day falls differently from city to city depending on how much tenants are paying in rent in their local area.

In London, the day lands on 2 June – three weeks later than the average across England. 

In Kensington and Chelsea in West London, where ONS statistics show the average rent is the highest across England at £3,599, the Cost of Rent Day is set to be 26 September. Incomes here are likely to be higher than other boroughs, however.

The Renters’ Right Act came into force earlier this month, promising to give renters greater security and better quality homes.

But the legislation has faced criticism over its lack of action on affordability with private rents rising around 8% in the last two years, exceeding wage rises and wider inflation.

The new act bans bidding wars and limits the amount of money landlords can charge as a deposit to four weeks.

But wider interventions into the private rental market have been denied.

There were reports last month that Rachel Reeves was considering freezing rents in the wake of war in the Middle East. Those rumours were quickly shot down and Labour ministers have continually rejected the introduction of rent controls.

The rate at which rents have been rising has been slowing in the last few months. The ONS said rents rose 3.4% across England in the year, leading up to March to £1,434 a month on average.

Read more:

• Why renters are protesting against the housing crisis: ‘People are neglected for profit’
• The Renters’ Rights Act is finally here. Here’s what is changing for tenants and landlords
• The Renters’ Rights Act won’t make homes affordable – politicians must show renters they’ll act

But tenants in privately rented accommodation are still paying a greater proportion of their earnings on housing costs, despite 30% being widely considered the maximum households can afford.

Private tenants pay 36% of their income on rent, compared to 27% for social tenants. Meanwhile, homeowners spend on average 19% of their incomes on mortgages.

Ben Twomey, chief executive of Generation Rent, said: “Homes are the foundations of our lives. But when we are forced to spend too much of our income on rent, it means children are going to school hungry or older renters who can’t afford to turn the heating on. High rents trap people in homelessness and suck money out of local communities.

“It’s not right that over four months of our income every year is being swallowed up by landlords. While it was encouraging to see the government recognise this through its recent consideration of a rent freeze, we need to see longer-term action. 

“Renters in some of our biggest cities are facing the most back breaking costs. The government must urgently give metro mayors the power to slam the brakes on soaring rents through limiting rent increases.”

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