Average rents in London have reached a quarterly record, while other cities are among the most expensive in Europe, new research reveals.
Average rents in London reached 1 quarterly record That’s 2,694 pounds (3,220 euros) per month, 2.5% more than last year, according to a new report. Data from British property portal Rightmove, Analysis of over half a million properties It was advertised for rent on the website between July and September 2024.
The average price calculation is based on asking rent for all properties, from one-bedroom flats and apartments to multi-bedroom houses.
Considering these variables; London is still one of the most expensive places living with rents that exceed similar European countries. Rightmove calculated that the average rent in the most desirable areas of central London is an exorbitant £3,175 (€3,795), while on the outskirts of London prices are more modest at £2,341 (€2,797).
Tim Bannister, Rightmove’s Director of Property Science, told Euronews Business: Shockingly high London rents These are the result of a number of economic factors.
Challenges faced by tenants
“Many landlords face higher costs such as mortgage interest, maintenance and compliance. The rise in average advertised rents is also Challenges faced by tenantsThey are being asked to pay more in a market that remains competitive despite some improvements in the offering.
“As we approach the fall budget, many homeowners are evaluating their future in the market, and some may choose to exit the market. the pressures they face“, in question.
How do London rents compare to European rivals?
German data analysis company Statesman examined rental prices in 23 major European cities in the first quarter of the year to determine which are the most expensive places to rent.
Cities like Milan, Paris, Amsterdam, Berlin, Lisbon, Helsinki, Athens and Rome (but not London) to determine how much it would cost to rent a furnished one-bedroom flat.
After crunching the numbers, Statista researchers identified Amsterdam as the most expensive postcode to rent a room in the European Union. The Dutch city, where monthly prices reach 2,275 euros, is more expensive than its continental neighbors but almost €1,000 per month cheaper than renting in London.
Cities of high culture and romance are among the most expensive
after amsterdam Rome and Paris These were the most expensive places to rent among the countries surveyed. Tenants will have to pay 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.
cities of the Netherlands Rotterdam, Utrecht and The Hague It was among the 10 most expensive places to rent. Rotterdam ranked fourth on the list with a monthly rent of 1,795 euros, followed by The Hague in fifth place with a monthly rent of 1,790 euros.
Utrecht was moved up to sixth place by Munich with a monthly rent of 1,770 euros. 1,746 Euros per month from its Dutch rival. Historic Italian cities Bologna and Florence They rank 11th and 12th on the list with their monthly rent of 1,600 euros; Same as Prague.
European capitals, Madrid and BerlinIt was much cheaper than London and AmsterdamRents average 1,494 euros in the Spanish city and 1,500 euros in the German capital.
Cities with the best quality-price ratio charge around 1,000 euros
Budapest, Athens and Turin Among the 23 cities surveyed, these were the most affordable places to rent. Budapest took the title of cheapest rents, with monthly payments barely reaching the 1,000 euro threshold.
Hungarian tenants will have to pay 950 euros per month to live in the country’s capital. Athens, the capital of Greece on the Mediterranean coast, charges 1,000 euros to enjoy its many attractions, while Turin, Italy, is not far behind, with an average rental price of 1,100 euros.
