London is known for being an expensive city, and its rental rates are no exception. The (2023) average annual cost of rent in London is £26,316, making it the most expensive city in the UK for renting. Compared to last year’s rental market data, rental prices in London have increased by 14.3 percent.
For a typical London renter, housing expenses can consume nearly half of their post-tax income. And even before factoring in other necessities such as food or transportation, more than half of a renter’s income can be spent on basic living expenses.
As the cost of living crisis continues to grow, millions of people in London are expected to see their internet, energy, and council tax costs rise. This could drive up the average rental prices even more.
What is the average monthly rent in London?
If you’re looking to move to London or find a new place to live, you may be curious about the average monthly rent in the city. Typically, the average monthly rent in London is between £1,500 and £1,600, though the actual cost can vary depending on your location in the city.
For instance, rental rates in the City of London tend to be significantly higher than other areas. Ultimately, factors such as the size, location, and amenities of the property will determine your monthly rental cost.
