Rental rates in London have experienced a yo-yo effect throughout the pandemic. They dipped strongly at its height in mid-2020, as everyone fled for the countryside, and then bounced back. But how do things stand now? Where’s the best place for average rent London residents can find? Equally, now that prices are winding back up, where are the most expensive rental prospects to be found?
Let us take you through the highs and lows of the London rental market. Our comprehensive list will show you exactly where the most likely hotspots are for lower rent in London, and where the big hitters are.
What is this list based on?
The following list ranks all 32 of London’s boroughs (plus the City of London) by their median monthly rental rate, from the most expensive to the least.
The data is drawn from London.Gov’s London Rental Map. This is a great resource that is updated every quarter and its findings are published annually. The most recent update was March 2022.
We’ve used the average rental rate for two-bedroom properties. This was by far the most common type of rental recorded in practically every borough.
Average rent London borough rankings
Okay, let’s do this. Which London boroughs offer the best average rent? Which one tops the charts for affordability, which ones are solidly reasonable, and which are eye-wateringly steep?
33: Kensington and Chelsea
Average rent: £2535 per month
The average rent in Kensington and Chelsea is currently £2,535 per month. This is hardly surprising, given that London’s most expensive street is in this ultra-desirable borough, along with many of the capital’s most exclusive homes.
32: Westminster
Average rent: £2492 per month
Westminster gives renters an average of £2492 per month. This is a popular area for politicians, well-to-do lawyers, actors and other socialites to find rental pads.
31: City of London
Average rent: £2230 per month
The City of London has had one of the biggest yo-yo effects in rental pricing, crashing by over 12-20% in 2020, and then rocketing back up in late 2021. Currently, the ‘Square Mile’ sports a monthly rental average of £2230. Being right in the heart of the city comes with an understandable high monthly rental bill.
30: Camden
Average rent: £2000 per month
Camden offers a monthly rental average of £2000. This represents a drop of about £160 from last year. Still, Camden is one of the coolest places in London, though sadly, coolness comes at a price.
29: Islington
Average rent: £1860 per month
In Islington, you’ll find rents averaging at around £1860 per month. This is roughly where they were in early 2021. Highly desirable due to its excellent nightlife, dining, theatre and retail offerings, Islington’s rental market is pricey yet delivers on quality.
28: Hammersmith and Fulham
Average rent: £1798 per month
Hammersmith and Fulham currently has a monthly rental average of £1798. Smart, exciting, conveniently placed, this is the borough that all the well-heeled young professionals want to be in.
27: Wandsworth
Average rent: £1700 per month
Wandsworth has a monthly rental average of £1700, a slight dip since last year. It also has a winning combination of excellent transport links, good schools and abundant green spaces, including scenic riverside spots. This makes it sought-after, and expensive.
26-24: Tower Hamlets
Average rent: £1650 per month
Tower Hamlets has a monthly rental average of £1650. You might have expected this borough to be lower down, but Canary Wharf and St Katherine’s Docks are desirable and expensive enough to push its average rental rate much higher. Be aware that cheaper options below this point can easily be found outside these two areas.
26-24: Hackney
Average rent: £1650 per month
Joint with Tower Hamlets and Southwark, Hackney comes in at £1650 per month as an area-wide average for rent. Fast-growing, smartening up while still retaining a bit of an edge, Hackney is one of those places that is successfully catching the next set of trends. This includes smartly designed rental developments.
26-24: Southwark
Average rent: £1650 per month
Southwark currently has a monthly rental average of £1650. It’s a borough that’s an architect’s dream. You’ve got the Shard, Tate Modern, Shakespeare’s Globe, and that just scratches the surface.
23-21: Newham
Average rent: £1600 per month
Newham offers a monthly rental average of £1600. It’s a historic borough, combined with a retail offering that’ll suit any shopper, thanks to the likes of Westfield Stratford City. Be aware that rental rates are on the rise here, up around £150 from early 2021.
23-21: Lambeth
Average rent: £1600 per month
Joint with Newham and Richmond upon Thames, Lambeth currently offers a monthly rental average of £1600. Here, you’ve got the bright lights of Southbank, and the buzz of Brixton. This is a tailor-made borough for young professional renters looking to make the most of London living.
23-21: Richmond Upon Thames
Average rent: £1600 per month
Richmond upon Thames offers renters an area-wide average of £1600 per month. Tranquil riverside living, all with the convenience and bustle of the city close to hand whenever you want it. What’s not to like?
20: Haringey
Average rent: £1500 per month
Haringey offers a rental average of £1500 per month, which is roughly the same as last year. It’s a culture-rich North London borough that offers affordability alongside pleasant village-style community living, plenty of greenery and good commuting links into the city centre.
19: Ealing
Average rent: £1495 per month
Ealing has a monthly rental average of £1495. Diverse, well connected and full of hidden gems, Ealing is a solid renting prospect for anyone, from a young professional to a growing family.
18-17: Merton
Average rent: £1450 per month
In Merton, you can expect to find a monthly rental rate of £1450 on average. Accommodating to a fault, Merton serves up a good mix of quiet and lively areas that you can’t help but fall in love with.
18-17: Harrow
Average rent: £1450 per month
Harrow has a monthly rental average of £1450. Harrow is a good rental prospect for those looking to get a quieter London lifestyle but with plenty of excitement not too far away.
16-13: Greenwich
Average rent: £1400 per month
Greenwich currently offers a monthly rental average of £1400. You’d think that Greenwich would be more expensive to rent in, given its excellent location, tons of history and even the presence of a Unesco World Heritage Site. However, it turns out that there are plenty of reasonable rental options to be found here.
16-13: Brent
Average rent: £1400 per month
Brent also has an area-wide monthly rental average of £1400. Another up and comer, Brent is a good rental prospect due to its latest stage of comprehensive urban regeneration projects. One to watch.
16-13: Barnet
Average rent: £1400 per month
Barnet is another borough that offers renters an average rate of £1400. If you want green spaces within walking distance from home, Barnet has 200 parks and 32,000 trees. Food for thought, and space for roaming!
16-13: Havering
Average rent: £1400 per month
Havering has a monthly rental rate average of £1400. This is a rapid rise of nearly £300 from early 2021, when it was the second cheapest London borough in which to rent. It’s a tranquil, green and open borough that straddles the urban and rural parts of North East London. The open space is one of the factors that’s driving prices up.
12-10: Lewisham
Average rent: £1350 per month
Lewisham has an area-wide rental average of £1350. It’s a 10-minute ride into central London and has plenty on its doorstep. Lewisham already has a big renter community, which keeps prices competitive.
12-10: Waltham Forest
Average rent: £1350 per month
Waltham Forest is the second of the boroughs on our list with a £1350 per month rental average. It’s gone from a favourite hunting lodge of Queen Elizabeth I, to a high-flying borough with a booming town centre.
12-10: Kingston Upon Thames
Average rent: £1350 per month
Kingston upon Thames is tied with two other boroughs at £1350 per month for its area-wide average rental rate. It’s another historic riverside borough with plenty to offer. It gives renters plenty of space but without the high prices of nearby Twickenham or Richmond.
9: Enfield
Average rent: £1325 per month
Enfield offers a monthly rental average of £1325. A magnet for first-time buyers as well as renters, renting in Enfield is a great way to get an authentic North London experience while preparing to get your feet on the property ladder.
8-7: Hounslow
Average rent: £1300 per month
Hounslow offers renters an area average of £1300 per month. It is one of the best-connected boroughs in London. Chiswick also provides excellent options for local shopping and dining out.
8-7: Bromley
Average rent: £1300 per month
Bromley is tied with Hounslow at an area average rental rate of £1300. With a revitalised town centre, good schools, Bakerloo extension plans, and Crystal Palace Park, Bromely has plenty to recommend itself.
6: Redbridge
Average rent: £1275 per month
Redbridge has a monthly rental rate average of £1275. Though it’s a sleepier, more sedate borough than most, Redbridge has its charms and makes for an easy 20-minute journey into central London.
5-4: Hillingdon
Average rent: £1250 per month
Hillingdon also offers a £1250 per month rental average for the area. It’s a good rental prospect to secure now, ideally before the Crossrail Project begins to drive prices up further.
5-4: Croydon
Average rent: £1250 per month
Croydon has an area average rental rate of £1250 as well. It is ideal for commuters and is constantly reinventing itself. Today, Croydon is cool, inviting and uniquely artsy.
3: Bexley
Average rent: £1200 per month
The average rent in Bexley is £1200. This pushes it up to third place from being the cheapest borough in London for renting in 2021. Sitting quietly on the border of Kent, Bexley gets the country/city lifestyle mix just right, giving excellent access to green spaces, good schools, access to the River Thames and a direct route into the heart of the capital.
2: Barking and Dagenham
Average rent: £1200 per month
Barking and Dagenham offers renters a monthly rent of £1200 on average, making it the silver medalist on our list! The borough is experiencing a lot of private and public investment, which is bringing it up in many key areas. It’s lively, multicultural and increasingly confident in its future.
1: Sutton
Average rent: £1175 per month
Sutton offers renters an average rate of £1175 making it the cheapest borough in London in terms of average rental rates. It is also one of the safest boroughs in London, which makes it a haven for families and a magnet for new investment in high-quality homes and a growing range of independent stores. There’s also a good range of green spaces – a hangover from Sutton’s history as being part of Surrey before officially joining London in 1934. Now, with its cosmopolitan vibe, increased confidence and increasingly smart yet affordable housing developments, Sutton has really found its feet… without charging an arm and a leg!
We hope that this full list of the average rent London boroughs typically offer will be useful in your hunt for the ideal rental property. If you want to refine your search in a borough or wider London area, be sure to take a look at our specific area guides.
HomeViews provides verified resident reviews of the UK’s housing developments. We’re working with developers, house builders, operators, housing associations and the Government to recognise high performers and help improve standards in the built environment.
