How much is too much for rent percentage wise? I’m currently paying 30% of my take home pay for rent+bills in a 3-bed house share but thinking of getting a 1-bed. The ones I’ve found are 45-50% (incl bills) of net pay, is that excessive? I could wait till the next promo but it would be next year at best and thinking to take advantage of the renter’s market at the moment.

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Rule of thumbs is not more than 30% of take home pay.
But it actually also depends on how much you make: if you make 10k, that would leave you with 7k, and you might rather spend an extra 1k to get your ideal place than expensive dinners. If you make 3k, then these extra 10% may better be spent on holidays, emergency fund, investing, etc . since you have less headroom.

Now in your situation, if you re an SA, 45-50% is a lot. To each their own but that s extremely high. And even with your promo, you d almost need to double your salary to get to that threshold (50% increase in rent from take home, x2 to take into account taxes)

So I d say that s a very bad financial decision, but if all you care about is where your flat, up to you.

But also remember that you are renting and this is lost-money contrary to a mortgage.

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Agree with most of your points. Which is why I m still renting.

But I stand by the comment that you don’t build equity so it’s a non-recoverable expense.

And when you do that on 45-50% of your take home pay it’s something even more important to consider than when it is a lower percentage because this is money you can’t invest.

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My POV as someone who just moved to London is that the rental market makes it difficult to stick to the 1/3 of your salary rule. I’m renting a 1 bed for 1/3 of my salary but not including bills or council tax, and I had to go to zone 3 for that.

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FWIW, the 30% rule is often relaxed to 40% in high CoL areas like London/NYC/etc

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