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Average rental prices in London: 2024
Your rental budget should dovetail with another set of financial figures: average rental prices in London and its boroughs. Equipped with this knowledge, you can set a realistic budget, focus your property search on affordable neighbourhoods and make informed decisions about the price of specific properties. Not only will this speed up your search, it will give you the best chance of finding the right property in the right area.
No one will be shocked to hear that the London rental market is a wildly expensive place where exorbitant monthly rates are par for the course – but just how high are they currently, and which direction are they headed in 2025?
What you’ll learn in this quick guide
- The average monthly rental price in London
- The average monthly rental price in each London borough
- The 2025 rental price outlook in London
- FAQs
Average London rental prices in 2024
According to Rightmove, the average rent in London soared to £2,694 per calendar month (pcm) in the third quarter of 2024, up from £2,627 pcm last year. This is more than double the average cost of rent outside of London, which surged to a 19th consecutive quarterly record high of £1,344 pcm. There is some good news for renters in London: At 2.5%, the UK capital registered the smallest house price growth of any UK region.
How does this play out across London’s boroughs, where the disparity in socioeconomic status can be stark? The Rightmove data doesn’t break down average rents into individual boroughs, but a quick look at Zoopla figures for February 2024 does this for us.
The most expensive London borough is salubrious Kensington and Chelsea in the west with an average rent of £3,459 pcm. Famed for its manicured Victorian square gardens, traditional white stucco terraces and mews houses.
At the bottom end of the scale is Bexley, with an average rent of £1,520 pcm. Situated on the southeastern fringe of London, it straddles city and country life, which is reflected by its reputation as one of the leafiest boroughs.
The list below identifies the average rent for every local authority in London in February 2024, starting with the cheapest. Use the map to find where these areas are located across London.
| Local authority area | Average monthly rent |
||
| Bexley | £1,520 | ||
| Croydon | £1,541 | ||
| Sutton | £1,547 | ||
| Havering | £1,584 | ||
| Bromley | £1,609 | ||
| Enfield | £1,649 | ||
| Hillingdon | £1,656 | ||
| Barking and Dagenham | £1,657 | ||
| Redbridge | £1,721 | ||
| Lewisham | £1,741 | ||
| Harrow | £1,775 | ||
| Waltham Forest | £1,783 | ||
| Kingston upon Thames | £1,801 | ||
| Hounslow | £1,845 | ||
| Greenwich | £1,866 | ||
| Barnet | £1,890 | ||
| Haringey | £1,919 | ||
| Brent | £1,948 | ||
| Ealing | £1,957 | ||
| Merton | £1,979 | ||
| Newham | £1,984 | ||
| Richmond upon Thames | £2,098 | ||
| Lambeth | £2,182 | ||
| Southwark | £2,219 | ||
| Hackney | £2,332 | ||
| Tower Hamlets | £2,333 | ||
| Islington | £2,384 | ||
| Wandsworth | £2,385 | ||
| Hammersmith and Fulham | £2,619 | ||
| City of London | £2,625 | ||
| Camden | £2,672 | ||
| City of Westminster | £3,155 | ||
| Kensington and Chelsea | £3,459 |
What does 2025 have in store?
While Londoners are used to spending big on rent, affordability challenges are chipping away at prices in the UK capital. Consequently, slower rental growth was recorded through 2024, easing affordability pressures slightly. This trend is expected to continue into 2025, with rental growth of 2.5% in London, against income growth of 2.9%.
FAQs
What factors should tenants consider when renting in London?
- Budgeting: Rents in London are much higher than the national average.
- Location: Rental prices vary by borough, so focus your property search on areas that align with your budget and lifestyle requirements.
- Lease terms: Understand the terms of your tenancy agreement, such as duration and any clauses related to rent increases.
How does renting in London compare to other major cities?
London’s rental market is renowned for being one of the most expensive in the world. For example, average rents in affluent areas like Kensington and Chelsea are around £3,459 per month, surpassing many other world-class cities.
How can I budget effectively for renting in London?
- Calculate all costs: Include rent, utilities, council tax, and commuting costs.
- Save for upfront costs: Prepare for deposits and initial fees.
- Set a realistic budget: Aim to spend no more than 30-40% of your income on housing. Our handy calculator below can help you to work out an affordable budget.
What is your London rental budget?
Resources
- Simply London rental budget calculator
- Average rent in London: April 2024
- Rental Forecasts
- Average rent soars in London
- What is a London borough?
Consult with Simply London
We can help you calculate your rental budget and select areas and properties that align with it. One of our relocation specialists can also accompany you to your viewings before managing the rental agreement negotiations once you’ve found somewhere you love.
Article published 2nd December 2024