
Average rents in London hit a quarterly record high of £2,694 (€3,220) a month, a 2.5% increase on last year's figure, a new report has found. The data, from UK property portal Rightmove, is based on an analysis of more than half a million properties advertised for rent on the company's website between July and September 2024.
The average price calculation is based on asking rents for all properties, from bedsit and one-bedroom flats to multi-bedroom houses. Taking these variables into account, London is still one of the most expensive places to live, with rents exceeding those in comparable European countries.
Rightmove calculated that the average rent for the most desirable areas of inner London was £3,175 (€3,795), while outer London prices were a more modest £2,341 (€2,797). Rightmove's Director of Property Science, Tim Bannister, said London's extremely high rents were the result of a number of economic factors.
“Many landlords are facing higher costs in the form of mortgage rates, maintenance and regulatory compliance. The increase in average advertised rents also reflects the challenges tenants face as they are asked to pay more in a market that is still very competitive. , despite some improvements in supply. As we approach the Autumn Budget, many landlords are assessing their future in the market and some may choose to exit the market due to the pressures they face," he said.
German data analytics company Statista examined the rental costs of 23 major European cities for the first quarter of the year to determine the most expensive places to rent. Cities including Milan, Paris, Amsterdam, Berlin, Lisbon, Helsinki, Athens and Rome (but not London) were analyzed to identify how much it would cost to rent a furnished one-bedroom apartment.
After crunching the numbers, Statista researchers identified Amsterdam as the most expensive zip code to rent a one-bedroom pied-à-terre. With rents reaching €2,275 a month, the Dutch city, although more expensive than its continental neighbours, was almost €1,000 a month cheaper than renting in London.
After Amsterdam, Rome and Paris were the most expensive places to rent among the nations surveyed. Tenants will have to spend 2,000 euros a month to live in the eternal city, while those who want to follow in the footsteps of "Emily in Paris" will have to find 1,862 euros to rub shoulders with Parisian fashionistas.
The Dutch cities of Rotterdam, Utrecht and The Hague all made the top 10 most expensive places to rent. Rotterdam, with rates of €1,795 per month, came fourth on the list, followed by The Hague in fifth position with a monthly rent of €1,790.
Utrecht came in sixth from Munich, with the German city's rental cost of €1,770, ahead of its Dutch rival's €1,746 per month. The historic Italian cities of Bologna and Florence topped the list in 11th and 12th positions, with rents coming in at €1,600 a month, the same as Prague. European capitals Madrid and Berlin were significantly cheaper than London and Amsterdam, with rents in the Spanish city averaging €1,494 and €1,500 in the German capital.
Budapest, Athens and Turin were the most affordable places to rent among the 23 cities surveyed. Budapest took the title for the cheapest rents, with monthly fees falling below the €1,000 threshold. Renters in Hungary will have to part with 950 euros a month to live in the country's capital. Athens, the Greek capital on the Mediterranean coast, charges renters €1,000 to enjoy its many delights, while the Italian city of Turin is not far behind with an average rent of €1,100.