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The Cheapest and Most Expensive Rental Accommodation in London
There’s no doubt that prices for rental properties in London differ a lot depending on the exact location and the type of property i.e. bedsit, apartment, studio flat, shared house or entire house. Local amenities and transport links can also play a part in the pricing of rental properties in London, as people seek accommodation near to their place of work and/or close to local attractions and social life aspects. Certainly, it can be said that Central London is one of the most expensive places to rent in the UK, due to its popularity, career options and history.
Most tenants will look for a property in London close to local amenities, but also near to green areas, whereas some people prefer the hustle and bustle of city life, choosing apartments in the centre. But which areas in London are the most expensive rent-wise, and which are the cheapest?
Most Expensive Rentals in London
Clearly, house prices (and therefore rental costs) are highest in central London, in particular those properties situated to the north of the River Thames. The most expensive boroughs to rent in are:
- Kensington & Chelsea
- the City of Westminster
- the City of London.
For example, to rent a 1 bedroom flat in Kensington, you can expect to pay in the region of £500-600+ a month. Properties in these areas are historically highly in demand. However, the high rental costs shouldn’t put you off looking in these areas. If you are prepared to rent a room in a shared house, you can typically expect to pay around 30% less than a ‘full’ tenancy in a highly sought after area. In these shared properties, you will usually have full access to the properties amenities (bathroom/kitchen/lounge area/garden etc.), and this option can be ideal for those renting to be close to their jobs, or students.
Cheapest Rentals in London
If you are looking for a cheaper area in London to rent, always consider your transport requirements. Locations that don’t have their own tube station are generally much cheaper than those that do. For this reason, some areas in South London are marginally cheaper to rent in. It can also be said that the further away the location is from central London, the cheaper the rent will generally be. If you work in central London, you should ideally look for a location slightly away from the centre, that still has frequent rail and bus links into the city, such as
- Crystal Palace
- West Norwood
- Herne Hill
- Penge and
- East Dulwich.
An average bedsit in these areas will cost you approximately £200-300 a month.
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