Median rent for residential apartments in London, UK as of Jan, 2023.
Remember to negotiate your rent according to median rental prices. Also, take into account that the price depends on the size/amenities of the apartment.
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London City Guide
London is one of the most iconic capitals in the world. It is hard to find a person who wouldn’t hear about its landmarks — Buckingham Palace, Big Ben, or Tower Bridge. London is a cultural center and a global economic hub. This city is old, new, imperial, and democratic at the same time. Don’t wait up — London is calling.
Overview
As Samuel Johnson once said, “By seeing London, I have seen as much of life as the world can show.” Nothing has changed over the past few centuries — this is one of the oldest and most cosmopolitan cities worldwide. Here you can find the most exclusive boutiques and shiny skyscrapers, as well as traditional pubs, medieval castles, and Victorian bridges. This attracts people from all over the world — London is the third most visited city worldwide in terms of international arrivals. It is the largest financial center with headquarters of major world corporations, most of which have offices in the renowned City. It is also the investment center with the sixth-highest concentration of ultra-high-net-worth individuals. In addition to this, London hosts hundreds of international conferences and summits annually. London has a superb infrastructure with one of the world’s largest and busiest airports and the oldest underground railroad system.
Business & Economy
London has the largest GDP per capita among all European cities and accounts for over 20% of the country’s GDP. What’s more, the GDP of this metropolitan area itself is larger than the GDP of Sweden or Austria. When it comes to real estate, London found itself on the list of the top five most expensive residential property markets worldwide, so any renter should be prepared for that searching for an apartment in London. The capital of the UK is a key financial center, alongside megacities such as Singapore, Tokyo, Hong Kong, New York, and Moscow. London has five large financial districts, with the most prominent being the City. It is home to a myriad of hedge funds, private equity firms, most international banks, and exchanges. The Canary Wharf, Southwark, and East London Tech City are major hubs for start-up technology companies and pride themselves on being a European Silicon Valley.
Culture
London has countless galleries, museums, and art institutions. Many of them have free admissions and serve as primary tourist destinations. One of the most notorious museums is the British Museum, located in Bloomsbury. It contains 7 million artifacts from around the globe, featuring antiquities, natural history specimens, and much more. Another place worth visiting is Albertopolis — a whole quarter packed with scientific and cultural establishments. This area is home to three legendary museums: Victoria and Albert Museum (collection of applied arts), the Science Museum, and the Natural History Museum. Moreover, London has a vibrant music scene. The city hosts music industry giants, such as Warner Music Group, Universal Music Group, and thousands of niche studios, recording companies, bands, and musicians. London features countless venues for rock and pop concerts as well as two major opera houses and four conservatories.
Demographics
London is a melting pot that competes in a diversity of its inhabitants with such international cities as New York and Los Angeles. According to the 2011 census, 3 million people, or 37% of London’s population, are foreign-born. This number of residents also makes London the third most populous city in Europe. London has the largest community of Indians, Nigerians, and Pakistanis in the UK. Also, it has the largest community of Lithuanians outside Lithuania.
Housing Trends
How much is an apartment in London, UK
Average apartment rent in London: £4,877 (-5.5%)
| Rent Price | Jan | vs Last Month |
|---|---|---|
| Studio apartments | £16,109 | +5.2% |
| 1-bed apartments | £2,086 | -18.9% |
| 2-bed apartments | £3,078 | -5.8% |
| 3-bed apartments | £4,245 | -14.5% |
| 4+ bed apartments | £7,417 | +6.1% |
Over the Jan 2023, the average rent for an apartment in/near London, UK decreased by 5.5% to £4,877.
Compared to the last month, the average price for a rental studio in London, UK has increased by 5.2%. You can expect to rent the studio for £16,109 on average this month. Breaking it down in details, we now see that the average price for 1-bed apartment decreased by 18.9% to £2,086. Pricing for 2-bed apartment also decreased by 5.8% and a place of this size will now cost you £3,078. 3-bed apartment rent pricing starts at £4,245, it decreased by 14.5% lately. We tend to note the rise of 4- and more bed apartment pricing. It increased by 6.1% and made it up to £7,417.
| Rent Type Price | Jan | vs Last Month |
|---|---|---|
| Rooms for rent | £896 | -0.6% |
| Lofts for rent | £1,545 | +0.4% |
| Houses for rent | £4,339 | +5.3% |
| Condos for rent | £2,481 | +79.6% |
| Apartments for rent | £5,154 | -7.1% |
| Townhouses for rent | £2,328 | -9.6% |
The median rent for an apartment in London, UK decreased by 7.1% to £5,154. Statistics show that house rent price increased by 5.3% this month making it up to £4,339. Condos faced an upward trend these days. The median rent for a condo increased by 79.6%, it’s now available for £2,481. The median rent for a loft faced changes as well, it increased by 0.4%, the price tag now starts at £1,545. An average room will now go for £896, the median rent price for a room decreased by 0.6%. The median rent for a townhouse decreased by 9.6%, you’ll have to spend around £2,328 to get one.
Finding Apartments for Rent in London
London has the lavish inventory of properties. Here you can find new build apartments, old Victorian mansions, unfurnished properties, and serviced apartments. Finding a flat or an apartment for rent in London is not an easy task. Thousands of newcomers are arriving in London every day. It is pretty hard to find an apartment for a short stay or vacation rental. Finding long-term apartments is an even more difficult story. Potential renter has to go through a rigorous screening process and get approved by the landlord or property management. However, Rentberry is making this process much easier, with our fully automated platform. Search for thousands of rental properties: lofts, houses, townhomes, cheap rental as well as luxury options.
London Neighborhoods Guide
Chelsea
Ready to explore one of the most iconic neighborhoods in London? Some associate it with the eponymous football club, others with flowers, but everyone knows for sure Chelsea is one of the most desirable areas to live in. It’s home to the astonishing Georgian and Victorian eras buildings that go hand in hand with more recent development. Here, you can live like in a movie, but such life will also require a pretty penny.
Poplar
Searching for a cheaper place to live in the East End? Check out Poplar, a residential district close to Canary Wharf. Quiet and modest neighborhood, it recently began gaining popularity among young professionals and students. These days, it is your average neighborhood with a few good dining options, some green spaces, and a great market.
Marylebone
Welcome to Marylebone, a stunning area in the heart of London. Here you can enjoy the feeling of the countryside, although with many perks available only in large cities. Luscious parks, cute shops, and a plethora of restaurants, bars, and cafes — all this is Marylebone. Even Sherlock Holmes could not resist its charm and settled on Baker Street!
Greenwich
People associate Greenwich with the Royal Observatory, where the Greenwich meridian line is located. But, it is also an excellent place to choose if you’re looking for a new rental. This borough is situated to the southeast of the City, across the Thames, and could easily be one of the most liveable places in London. Wonder what’s so amazing about it? Being so close to the city center, Greenwich is calm, pleasant, and boasts a great quality of life. It has plenty of green areas, stunning riverside views, and a cute Greenwich Market loved by locals and tourists alike. It will be a perfect choice for families with kids and working professionals. If you have a job in central London, you will be surprised how easy it is to get there from this borough. You can use Tube, DLR, train, bus, or even a boat.
Wimbledon
Wimbledon is one of the most charming London suburbs, located southwest of the city center. It consists of two main parts: Wimbledon Village and Wimbledon Town Centre. Many people worldwide are familiar with Wimbledon thanks to the eponymous renowned tennis tournament, but not everyone knows how idyllic life is here. This area has been a choice of living for many affluent families since the 17th century, and not much has changed till our days. Here, you can find some of the most expensive real estate, so renting in Wimbledon could come at a premium. In return, locals receive a great connection to London, plenty of shops and restaurants, and everything you might need for a pleasant everyday life.
East London
Decades ago, this area was one of the shabbiest parts of the city, with people like Jack the Ripper walking down its streets. Over the past twenty years, thanks to gentrification, East London has become fun, trendy, and diverse. One of the places to turn your attention to is Spitalfields — this district is brimming with quirky bars, local independent shops, and street art. And, if you’re looking for cheaper rentals in a quieter area, it won’t be hard to find those either. East London truly has it all! This part of Greater London consists of seven boroughs, and it attracts various types of renters with different needs and requirements. However, almost all residents are unanimous that life in East London has a great value for money ratio.
St John's Wood
This district might easily be the most upscale and expensive place to both rent and buy a property in London. After all, it’s home to Avenue Road, which boasted the most expensive house sales in the whole country in 2020. But if you’re lucky enough to score a rental in this area, you might never want to leave! St John’s Wood is perfect for those who appreciate living in walkable neighborhoods. Also, it has one of the lowest crime rates in London, many green areas, and excellent schools nearby, which makes it a perfect choice for families with kids. Here, you can find single-family homes for rent, which is a rarity in most of London, townhomes, and modern high-end condos.
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