London’s most expensive room rent locations climb 2% in 2019 already, up 13% in 2018

Data from leading room share platform, ideal flatmate, shows that the cost of renting a single room in the capital has already increased by 2% in 2019, having increased by 13% between 2017 and 2018.

ideal flatmate crunched the numbers across thousands of room rentals to see how much Londoners are paying on average and how this has changed over the last two years.

Between 2017, the average price of a room listed to rent on ideal flatmate was £781, increasing 13% to £855 in 2018. With a continued lack of suitable stock and a reduction in buy-to-let investors, this figure has already climbed to £902 a month barely two months into 2019.

When it comes to the most expensive, Westminster is currently the most expensive borough at an average of £1,045 a month, followed by Camden at £999 per month on average.

However, when looking on a more granular level it’s Nine Elms that currently tops the table with an average monthly rent of £2,123 a month.

Other areas to see some of the highest rents for just a single room are Covent Garden, Upper Clapton, South Kensington, Knightsbridge, Church End, Bayswater, St James’s, North Finchley and Millbank – all at £1,200 or above.

The cheapest? North Woolwich at £350, with Abbey Wood, Manor Park, Hither Green and West Norwood also some of the lowest.

Co-founder of ideal flatmate, Tom Gatzen, commented:

“Despite room sharing remaining the most affordable way of finding a place to live in London, it too is seeing prices increase as the capital’s rental market continues to strain under the pressure of a supply and demand imbalance.

We’re currently seeing the price of room rentals in London increase at a rate of at least one per cent a month on average which is pretty significant for those already struggling to afford the overall cost of living in the capital.

This cost increase has largely been driven by a reduction in the number of landlords and letting agents with rooms to rent as a result of the stamp duty shake-up, changes to tax thresholds and the impending ban on letting fees. Unless more is done to address this, we will continue to see the cost of renting lift across the board with the capital’s tenants ultimately the ones paying the price.”

Average Room Cost Across London
Year
Average Cost per Month
Change
2017
£781
N/A
2018
£885
13%
2019*
£902
2%

 

Top 10 Most Expensive Boroughs
Borough
Average Room Rent
Westminster
£1,045
Camden
£999
Kensington and Chelsea
£997
Hammersmith and Fulham
£959
Islington
£910
City of London
£900
Hackney
£898
Wandsworth
£810
Tower Hamlets
£809
Southwark
£807

 

Most Expensive Areas
Area
Average monthly rent per room
Nine Elms
£2,123
Covent Garden
£1,350
Upper Clapton
£1,350
South Kensington
£1,333
Knightsbridge
£1,300
Church End
£1,273
Bayswater
£1,248
St James’s
£1,238
North Finchley
£1,220
Millbank
£1,200
Earls Court
£1,177
Swiss Cottage
£1,150
Mayfair
£1,130
Marylebone
£1,109
Chalk Farm
£1,107
Islington
£1,102
Hammersmith
£1,096
De Beauvoir Town
£1,091
Stamford Hill
£1,087
Maida Vale
£1,082

 

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