Rental Freedom Day comes earlier this year

Today is the day when the average renter will have earned enough to pay their rent for a whole year.

Research from Halifax suggests that today is Rental Freedom Day, where the average renter will have earned enough to pay their rent for the whole year.

Halifax has calculated that on average it’ll take 124 days for renters to earn enough to meet their annual rental payments if they put everything they’ve earned in 2015 so far towards it.

Rental Freedom Day is calculated using annual rental payments as a percentage of average disposable income.

This year's is eight days earlier than it was last year, which suggests people's incomes have risen as other research says rents have continued to increase.

Here's how Rental Freedom Day has changed over the past few years.

Source: Halifax

The earlier day, coupled with the increasing number of mortgages that require lower deposits, is good news for renters who are saving to buy their own homes, says Halifax.

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Regional freedom

Looking at regional differences, renters in Northern Ireland achieved rental freedom first, two weeks ahead of those in the north of England, who were second.

Source: Halifax

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