Rental Market of London

Area selected: London

London

Average rent

£1,597

View trend

Rent growth

-2.6%

View trend

How much is rent in London?

The average rent in London is £1,597 according to a survey of properties carried out by HMRC's Valuation Office Agency between September 2020 and September 2021. Between the years ending September 2020 and September 2021, average rents in London fell by £42. Compare average rent by area.

London's average rent of £1,597 is £699 higher than the £898 average rent in England. London is the most expensive region (of 9 total) based on average rent price.

The average rent growth rate in London between the years ending September 2020 and September 2021 was -2.6%. If rents continue to grow at this rate, average rents will fall to £1,439 by 2025.

The average cost of rent in London varies depending on property type, prices start at £655 for a single room and rise to £2,791 for a house with four or more bedrooms.

Rental data for London is based on a sample that may change over time. Some differences in trends may be due to changes in the sample rather than true changes in the rental market.

London rent price ranges

Within each property type, rent price can vary depending on variables such as property size and condition of fittings. For example, the lower quartile rent for two bed flats in London is £1,265, increasing to £1,733 for the upper quartile rent.

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Types of rental property in London

Based on the 56,270 properties surveyed, the most common type of rental property within London is 2 beds, which account for 40.2% of properties. In England, the most common type of property is 2 bed flats, which account for 42.1% of the rental market stock.

The least commonly available type of rental property is Single Rooms, which account for 1.4% of properties. In England, the least common type of property is Studio flats, which account for 2.5% of the rental market stock.

Room: 800 rental properties or 1.4%
Studio: 2,760 rental properties or 4.9%
1 bed: 16,480 rental properties or 29.3%
2 bed: 22,620 rental properties or 40.2%
3 bed: 9,700 rental properties or 17.2%
4+ bed: 3,910 rental properties or 6.9%

Average property price

£676,292

London House Prices

GDP

£ 504 billion

London Economy

Average salary

£53,717

London Salary

Cheapest areas to rent in London

The cheapest rents in London are found in Outer London, where the average cost of rent is £1,393. In the past year, rents have changed by -0.7% in Outer London (compared to -2.6% in London)

Rank	Area	Average Rent	YoY change in average Rent
1	Outer London Metropolitan County	£1,393	-0.7%
2	Inner London Metropolitan County	£1,839	-6.7%

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Most expensive area to rent in London

The most expensive rents in London are found in Inner London, where the average cost of rent is £1,839. In the past year, rents have changed by -6.7% in Inner London (compared to -2.6% in London)