The report found that on average 30% of net earnings is spent on rent, roughly in line with the average over the last decade.
Stretched affordability and slower employment growth have kept London rental prices close to 2014 levels, demonstrating that earnings have an important part to play in rent control.
Despite affordability being stretched, it has improved over the last three years.
Meanwhile, rental growth in the southern regions, the Midlands and Wales has outpaced most of the rest of the UK — with growth between 17% and 20%.
Conversely, growth in the northern regions averaged just 3% between Q4 2007 and Q4 2018.
The north of England has the best affordability, with the North East, Yorkshire and Humberside regions more affordable than long term average levels.
The North West is currently more affordable than it has been for a decade.
Renters in the North East were in the most affordable location, paying around 24 per cent of their earnings for accommodation.
Potential for further rent growth
The report noted that occupancy level of rental housing was an important factor to consider when assessing the true affordability of renting, and subsequently the outlook for rental growth.
And it added that there remained potential for further rental growth in regional markets where affordability remains attractive and levels of employment are rising.
However it found that 80% of first-time buyers move from renting, and lower costs of accessing home ownership are likely to limit the pace of rental growth in regional markets.