While us mere mortals looking to rent in London will pay on average just over £1,500 pcm, the average rental cost at the top of the capital’s rental market is £23,839. After all, this is London.
You’re rarely more than 20 minutes from where you need to be by metro, there’s a restaurant and bar on every corner, and some of the biggest companies in the world have headquarters in the capital. But would you pay close to £200,000 a month to live here?
From Camden to Kensington, according to a London-centric rental platform Rentedhere’s how the average cost of rent in the capital compares to properties at the top of the market.
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Top of the line
One of the most expensive properties is Brick Street in Mayfair. This seven-bedroom, seven-bathroom detached house will set you back £173,333, more than 6,500% above the borough average. It has a pool, space, sauna and gym, so definitely worth it, isn’t it?
Barnet isn’t much better if you’re looking for a bargain. The average rent here is £1,488, but renting at the top of the market will set you back £78,000 pcm. It costs less than the last mega-property but includes a car lift, movie theater and ice fountain – maybe it’s a bargain after all.
Whenever Camden comes to mind, you think of its eclectic mix of markets, music and varied cuisine. You’re never far from iconic venues like the legendary Dublin Castle bar or the infamous Primrose Bakery. Believe it or not, you’re also not far from a nine-bedroom mansion worth £86,667 pcm. Forget finding Dublin Castle as this place has its own bar next to a gym and heated outdoor pool.
As you approach the royal borough of Kenginston and Chelsea, sky-high rents start to seem a bit more natural. This borough is home to the capital’s highest average rental cost at £2,712 pcm. This is unlikely to soften the blow of paying over £86,000 pcm for a six bedroom home. There may be a media room, a dance studio, a swimming pool, an elevator and two terraces, but where is the ice fountain?
Reasons to rent
After hearing about such staggering rental prices, you might not be surprised – this is London after all. But why do people pay that kind of money, beyond just being ridiculously rich?
Rentd Founder and CEO Ahmed Gamal told City AM: “It’s no secret that the high cost of home ownership is forcing many of us to rent much longer in life. and the importance of the rental market has never been greater when it comes to filling the void left by steadily rising house prices.
“There are some truly amazing houses to rent all over the capital and a single month’s rent will cost you what most of us earn in a year or even five.”
Good, you have it now. Find a cheap place to rent in the capital, save for the rest of your life and you could afford to rent a property with an ice sculpture.
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