The average monthly rent for a 2-bedroom apartment in London is likely to cross £2,000 this year with the January average being £1,921.
Rents are climbing gradually in London, as demand picks pace. Tenants occupying properties in London are now spending an average of £1,453 on rent for 1-bedroom properties and £2,672 for 3-bedroom properties, according to the latest Rental Index Report from Landbay.
The overall average rent for London properties is £1,876 whilst tenants outside the capital are paying less than half of it - £760 on average. London’s average monthly rent is still £16 a month shy of the £1,893 record set in May 2016.
In fact, rents for properties of similar type are even less in the rest of the UK. Tenants occupying properties in the rest of the UK are paying an average of £600 on rent for 1-bedroom properties, £716 for 2-bedroom properties and £828 for 3-bedroom properties.
The average UK rent now stands at a record £1,198 per month, a 0.66 per cent increase on this time last year.
The statistics show how critical London property market is for buy-to-let investors and landlords from rental income perspective. If you are keen on buying a buy-to-let property or planning to expand your rental property portfolio in London, Strawberry Star has can assist you with its bespoke services. Call our London office for details.
Following several market and government legislation changes, including stamp duty and the new PRA guidelines, which have increased landlord costs, the pressure on rental prices has been strong. And according to predictions, January’s widespread rise is only the beginning of a drive in rental growth - Landbay