London is one of the most expensive cities in Europe which makes it really hard for its residents to acquire a property of their own. This stimulates the property rental business to a very high degree. Finding a suitable property according to the seeker’s needs is a real challenge in the UK but in London, it’s a lot harder.
The average cost of renting a place for living in London as of February 2024 is £2,119 per month with a +6.4% growth in the last year which is almost twice as expensive as some other UK cities. The cheapest rent in London per month is held by Bexley at £1,520 and the highest average rent is in Kensington and Chelsea at £3,460 a month.
Some areas in London are known for their expensive rentals and are, therefore, avoided by the majority of the population. London areas with cheap rentals are much more popular and preferred by the citizens of the cosmopolitan city.
In this post, you will see the lowest prices for rentals in each part of London. Check out how much it will cost you, on average, to rent studio flats, 1,2 and 3-bedroom flats and more.
Table of Contents
What to consider before renting a property in London?
Even when you’re looking for the cheapest rent in London, there are three main factors to consider when choosing a place to live. Price, location and size – these three things are usually already made up in your mind when you’re looking for a place to rent. However, several other things would be good to consider before choosing a property.
- How far away is it from your work?
- Do you need to be near certain transport links?
- What amenities do you need to have?
- Do you prefer a furnished or unfurnished place?
- Is it close enough to your friends? Are you willing to travel more to meet friends or practice your hobbies?
Cheapest areas to rent in East London
East London has a reputation for being the coolest part of the entire city. It’s populated with galleries, buzzy markets fantastic street food places, urban art and some of the best cocktail bars in London.
It’s not poor in world-famous landmarks as well, including Walthamstow Wetlands, Whitechapel Gallery and Queen Elizabeth Olympic Park. There you’ll also find the famous Jack the Ripper Tour and Victoria Park.
House shares are always cheaper to rent. Paying for a single bed in a shared room is the most adequate solution for anyone who’s looking for a bed in London. Hiring a whole property comes at a very different price that is a lot higher, especially in the central parts of London.
These are the cheapest areas to rent in East London per size of the property, according to the current state of the local real estate market.
Cheapest places to rent in East London:
| Area/Average price per month | 1-bedroom flat | 2-bedroom flat | 3-bedroom flat |
|---|---|---|---|
| Havering | £1,051 | £1,610 | £2,296 |
| Barking and Dagenham | £1,268 | £1,844 | £3,140 |
| Newham | £1,560 | £2,040 | £2,470 |
Cheapest areas to rent in West London
West London is mainly famous for its theatrical ambience. It has over 35 theatres, so you can say culture is a hit. It also has diverse nationalities living in West London. This area is considered to be the most suburban part of London compared to its other areas.
What is more, Kensington Palace is located in West London, so if you’re a fan of the Royal family you can go check it out. There is a zoo large enough to fit over 760 species of animals, some of which are even endangered.
The annual Notting Hill Carnaval is the second largest in the world and it happens in West London. You surely won’t have time to be bored in West London.
Cheapest places to rent in West London:
| Area/Average price per month | 1-bedroom flat | 2-bedroom flat | 3-bedroom flat |
|---|---|---|---|
| Hillingdon | £1,128 | £1,807 | £2,092 |
| Ealing | £1,400 | £1,800 | £2,200 |
| Chiswick | £1,400 | £1,900 | £2,300 |
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Cheapest areas to rent in South London
The cultural gems in this part of London are the South London Theatre, the South London Gallery and the South London Botanical Institute. What is more, several famous musicians have lived in South London including Billy Idol, David Bowie, Siouxsie Sioux and more.
Brommley is the birthplace of the famous author H.G. Wells. You should try to avoid Lewisham which was listed as the “least peaceful” in England in 2013.
Cheapest places to rent in South London:
| Area/Average price per month | 1-bedroom flat | 2-bedroom flat | 3-bedroom flat |
|---|---|---|---|
| Bexley | £966 | £1,442 | £1,543 |
| Sutton | £923 | £1,350 | £1,500 |
| Bromley | £1,123 | £1,659 | £1,790 |
| Croydon | £1,162 | £1,605 | £2,178 |
Cheapest areas to rent in North London
North London is every football fan’s dream come true. One of the fiercest derbies in English football that separates families is in North London. The derby between Tottenham Hotspur and Arsenal.
Cheapest areas to rent in North London
| Area/Average price per month | 1-bedroom flat | 2-bedroom flat | 3-bedroom flat |
|---|---|---|---|
| Waltham Forest | £1,340 | £1,670 | £2,510 |
| Enfield | £1,410 | £1,740 | £2,530 |
Cheapest areas to rent in Central London
Needless to say, the cheap places to rent in Central London are pretty much non-existent. There are the highest rents in the city. Naturally, the further away from the city centre you are, the cheaper the rents will be.
In Central London, you can find many interesting places to visit. Some of the most notorious buildings are the Parliament and the Royal Palaces, plus the government’s headquarters. Many offices of industrial and commercial firms as well. The cultural scene in Central London consists of the British Museum, the Tate Gallery, the National Gallery and the University of London.
Cheapest places to rent in Central London:
| Area/Average price per month | 1-bedroom flat | 2-bedroom flat | 3-bedroom flat |
|---|---|---|---|
| Northolt | £1,690 | £2,100 | £2,660 |
| Greenwich | £1,750 | £2,320 | 3,200 |
Summary
So, where is the cheapest place to rent in London? As you can see Bexley holds the record for now. Keep in mind that the numbers may still vary, as this data is extracted from many resources and is based on the average rents for 1-bedroom, 2-bedroom and 3-bedroom properties in the above-mentioned London areas.
The information, provided by Fantastic Removals about the rented properties in each London area was taken from the following property websites in the UK:
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