Property News

London the second most expensive city in the world to rent a property

Em Morley - March 7, 2017

A new study has revealed that London is the second most expensive city in which to rent a property in the world.

The English capital stands only behind San Francisco in the expense stakes, according to a new report from Barratt London.

Rising Rents

Tenants in the capital are now paying on average, half of their monthly salary to rent a one-bedroom flat. On average, the price of this kind of accommodation in London is £1,250pcm.

Despite this falling below the £2,532 seen in New York and £1,558 in Sydney, Londoners are paying more based on average salary and average rental prices. Typically, Londoners spend 45% of their wages on rent, second only to the 47% paid by those in San Francisco.

A Barratt London spokesman said: ‘Rental prices in London continue to demand too much of the occupier, to the extent of almost half of their monthly pay cheque. Renting must remain a viable option for those looking to move home, but residents might want to consider a buying market that offers plenty of incentives for first-timers.’[1]

London is the second most expensive city in which to rent in the world

London is the second most expensive city in which to rent in the world

‘The London Help to Buy scheme, for example, is helping first-time buyers get on the property ladder more affordably, with just a 5% deposit and an equity loan that is interest-free for the first five years,’ the spokesperson added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/3/london-crowned-second-most-expensive-city-to-rent-in-the-world