London is believed to be the city with the highest rents. According to The Telegraph, a property known as CBRE has reported that the average rent per month in London is £2,083. Market experts say that the rent in London has increased by 4 percent last year.
With the fact that rents are expensive in London, there are still those who are curious to know if there are places in London were rents are cheaper than the average. According to the publication, a research by the CBRE that examined 32 cities around the world found out that there is a big gap between the lowest possible and the most expensive rent in the London area. This means that there are places in the capital that where rent is affordable. So now, the question is where?
According to Mail Online, there are at least 10 areas in London where rent is below £2,000 such as Bexley (£1,007), Havering (£1,083), Barking and Dagenham (£1,162), Sutton (£1,166), Bromley (£1,271), Enfield (£1,285), Redbridge (£1,293), Croydon (£1,309), Waltham Forest (£1,309) and Hillingdon (£1,311). On the other hand, Kensington and Chelsea (£3,405), Westminster (£3,062) and the City of London (£2,945) have the most expensive rent rates.
Why is rent that high in London? According to Mail Online, London is debatably considered the world's financial capital, and by being so it is an attractive spot for top tier companies and top tier jobs. The CBRE study concludes that the rise in rent is the result of the influx of renters in the capital because of immigration. Moreover, it was said that among those who come to London, there are only a few who can afford or who are willing to stay permanently to consider buying property. And with the increased demand for rental properties comes the rise in rental prices.
