London rent prices: which areas have the highest and lowest average prices?

In this article, we take a look at which of the capital’s boroughs have the highest and lowest average monthly rents for:

• single rooms
• studio properties
• one bedroom properties
• two bedroom properties
• three bedroom properties
• properties with four or more bedrooms

The figures are from the Office for National Statistics (ONS), covering October 2022 to September 2023.

You can use this article as a guide and a springboard for doing your own research into good locations for buy-to-let properties.

For a more detailed map of rent prices, visit london.gov.uk and explore London average rents by postcode.

How much is rent in London?

According to HomeLet, the average rent in London for new tenancies was £2,127 a month. HomeLet also says that rents in London have increased by six per cent in the last 12 months.

But rents can of course vary depending on lots of factors, including the location and number of bedrooms.

Continue reading for average rental prices broken down by property type.

Average rent in London for rooms, studio, and one bedroom properties

Single rooms, one bedroom, and studio properties are often popular with young professionals moving to the capital or deciding to strike out on their own.

Hillingdon, Harrow, and Croydon have some of the lowest average rents in the capital for rooms, studio, and one bedroom properties. If you’re looking to appeal to young professionals, properties in those areas with good transport links could be a worthwhile investment.

As you might expect, the highest average rents in London for rooms, studio, and one bedroom properties can be found much closer to the centre. City of London, Kensington and Chelsea, and Westminster all place highly for these properties.

Highest average rental prices for rooms in London

These are the areas in London with the highest average monthly rent for single rooms in properties.

Location	Monthly cost
Westminster	£917
Kensington and Chelsea	£867
Camden	£850
Tower Hamlets	£830
Haringey	£797

Lowest average rental prices for rooms in London

These are the areas in London with the lowest average monthly rent for single rooms properties.

Location	Monthly cost
Croydon	£535
Barking and Dagenham	£542
Waltham Forest	£559
Barnet	£612
Harrow	£621

Highest average rental prices for studio properties in London

These are the areas in London with the highest average monthly rent for studio properties.

Location	Monthly cost
City of London	£1,950
Tower Hamlets	£1,550
Kensington and Chelsea	£1,517
Westminster	£1,430
Hackney	£1,300

Lowest average rental prices for studio properties in London

These are the areas in London with the lowest average monthly rent for studio properties.

Location	Monthly cost
Brent	£875
Harrow	£888
Hillingdon	£899
Bromley	£900
Enfield	£950

konstantant/stock.adobe.com

Highest average rental prices for one bedroom properties in London

These are the areas in London with the highest average monthly rent for one bedroom properties.

Location	Monthly cost
Westminster	£2,275
Kensington and Chelsea	£2,200
City of London	£2,058
Islington	£1,744
Camden	£1,712

Lowest average rental prices for one bedroom properties in London

These are the areas in London with the lowest average monthly rent for one bedroom properties.

Location	Monthly cost
Sutton	£975
Bexley	£1,000
Havering	£1,000
Croydon	£1,100
Hillingdon	£1,100
Barking and Dagenham	£1,100

Average rent in London for two and three bedroom properties

Two and three bedroom properties have a varied audience. From families to sharers, the type of tenants you’re likely to get in these properties will depend more on other features (such as outdoor space and bedroom size) as well as local amenities.

For these types of properties, Havering and Barking and Dagenham have some of the lowest average rents. Lots of south London boroughs also have low rents for two and three bedroom properties, particularly Croydon and Bexley.

These buy-to-let hotspots have high rental yields as although their average rents are lower, it costs less to buy the property in the first place.

A simple way to calculate rental yield is by taking the yearly rental income and dividing it by the purchase price and costs.

At the other end of the spectrum, Kensington and Chelsea and Westminster feature again for two and three bedroom properties, as do Camden and Islington.

Highest average rental prices for two bedroom properties in London

These are the areas with the highest average monthly rent prices in London for two bedroom properties.

Location	Monthly cost
Westminster	£3,002
City of London	£2,700
Camden	£2,383
Kensington and Chelsea	£2,290
Islington	£2,250

Lowest average rental prices for two bedroom properties in London

These are the areas in London with the lowest average monthly rent for two bedroom properties.

Location	Monthly cost
Havering	£1,257
Sutton	£1,275
Barking and Dagenham	£1,325
Bexley	£1,350
Croydon	£1,350

Highest average rental prices for three bedroom properties in London

These are the areas with the highest average monthly rental in London for three bedroom properties.

Location	Monthly cost
Kensington and Chelsea	£4,377
Westminster	£4,225
Camden	£3,077
Hammersmith and Fulham	£2,947
Islington	£2,700

Lowest average rental prices for three bedroom properties in London

These are the areas in London with the lowest average monthly rent for three bedroom properties.

Location	Monthly cost
Bexley	£1,500
Havering	£1,500
Barking and Dagenham	£1,550
Hillingdon	£1,600
Croydon	£1,625

Average rent in London for four or more bedroom properties

Four or more bedroom properties can be trickier to rent, and are often more likely to be occupied by students and sharers than families. If you do rent to multiple sharers (even if your property is smaller than four or five beds) then you may legally be required to have an HMO licence, so speak to the local authority when considering buying a property of that size.

Kensington and Chelsea, Westminster, and Hammersmith and Fulham are the three most expensive areas for larger properties.

Bexley, Barking and Dagenham, and Havering are areas with low average rents that offer more affordable options for landlords and tenants.

Andrei Nekrassov/stock.adobe.com

Highest average rent in London for four or more bedroom properties

These are the areas in London with the highest average monthly rent for four or more bedroom properties.

Location	Monthly cost
Kensington and Chelsea	£7,732
Westminster	£6,600
Camden	£4,295
Hammersmith and Fulham	£4,247
Islington	£3,800

Lowest average rental prices for four or more bedroom properties in London

These are the areas in London with the lowest average monthly rent for four or more bedroom properties.

Location	Monthly cost
Bexley	£1,540
Barking and Dagenham	£1,825
Havering	£2,010
Hillingdon	£2,100
Newham	£2,100

London rental markets among busiest in the country

As well as having lower average prices, three London boroughs were among the UK’s 20 busiest rental markets in 2023.

Property website Rightmove analysed rental markets across the UK to find the highest number of tenant enquiries for a single property.

Redbridge came in second with an average of 49 tenant enquiries for each property, up from an average of 11 in 2019.

Waltham Forest came in 10th with 46 and Havering came 15th with 43 (both up from 11 in 2019).

A high number of tenant enquiries improves a landlord’s chance of renting out their property quickly. It also allows them to have a choice of the most suitable tenants.

Which is the best London borough to invest in property? Let us know in the comments below.

Useful guides for buy-to-let landlords

• The best buy-to-let areas in the UK
• Landlord checklist – what to do before renting out a property
• The ultimate guide to landlord insurance
• Why do I need landlord insurance?