London’s sharp rent variations laid bare by new research

A rental platform has revealed the wide disparity in rents to the north and south of the Thames in London, and even between neighbouring boroughs. 

Rentd analysed current London rental market values and found that the average cost of renting across boroughs north of the Thames currently stands at £1,625 per month.

This is a modest 1.8 per cent more than the wider London average of £1,597. 

South of the Thames comes in at just £1,496 per month, some 6.3 per cent below the London average.

For tenants, a move from Kensington and Chelsea to Wandsworth would result in a saving of £810 per month, while Westminster to Lambeth would see tenants save £797 per month in rental costs. 

Opting for Lewisham over Tower Hamlets would also see them save £299 per month in rental costs but it’s not just a north to south move across the Thames that could reduce this monthly outgoing. 

At £1,227 per month, Barking and Dagenham is £217 per month more affordable than renting in Greenwich, while opting for Hounslow over Richmond would bring a monthly saving of £390 per month. 

“The London rental market is notoriously expensive and we’re currently seeing this cost of living being squeezed across all areas of the home, not just the cost of renting. So for many tenants, it’s a matter of living where they can afford as opposed to where they might actually want to be” says Rentd chief executive Ahmed Gamal.

“While south London is generally home to a lower cost of renting there are pockets of affordability to be found throughout the London market and now has never been a better time [for tenants] to find them as rents are yet to return to their pre-pandemic highs.”