The cost of living is soaring and is likely to worsen in the coming months. You’ve likely started looking into ways to save money to keep your head above water. If moving home is one of those ways and you’re looking for a cheap area to rent in London, here are some of the cheapest areas to rent as of February 2022.
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What is the average rent in London in 2022?
Data from Rightmove indicates that London’s average rent is around £2,142 per month, a 10.9% jump year-on-year. In fact, it’s more than double the average rent outside the capital. However, the individual rent averages for Inner and Outer London are £2,577 and £1,823, respectively, which is a 16.2% and 5.8% increase.
Unfortunately, based on current projections, the future isn’t looking promising. Rightmove predicts a further 5% rise in London’s average rent in the coming months.
What are the cheapest areas to rent in London as of February 2022?
According to data from Rightmove and Zoopla, the cheapest areas to rent are as follows:
Area
Travel zone
Number of bedrooms
Total average monthly rent
Shared rent per person per month
1
Bexley
Zone 6
1
£550 – £800
–
2
£1,050 – £1,250
£525 – £625
3
£1,250 – £1,450
£450 – £525
4
£1,650 – £2,100
£417 – £525
2
Hillingdon
Zone 6
1
£600 – £800
–
2
£1,200 – £1,500
£600 – £750
3
£1,500 – £1,700
£500 – £567
4
£1,800 – £2,100
£450 – £525
3
Bromley
Zone 5
1
£600 – £850
–
2
£1,200 – £1,500
£600 – £750
3
£1,500 – £1,800
£500 – £600
4
£1,800 – £2,200
£450 – £550
4
Enfield
Zone 5
1
£600 – £900
–
2
£1,250 – £1,500
£625 – £750
3
£1,500 – £1,900
£500 – £633
4
£1,900 – £2,200
£475 – £550
5
Croydon
Zone 5
1
£600 – £900
–
2
£1,300 – £1,450
£650 – £725
3
£1,500 – £2,000
£500 – £667
4
£2,000 – £2,250
£500 – £563
6
Waltham Forest
Zone 3
1
£600 – £1,250
–
2
£1,250 – £1,600
£625 – £800
3
£1,600 – £1,850
£533 – £617
4
£1,900 – £2,400
£475 – £600
7
Lewisham
Zone 2
1
£650 – £1,250
–
2
£1,300 – £1,550
£650 – £775
3
£1,650 – £2,100
£550 – £700
4
£2,100- £2,500
£525 – £625
*The rental figures above were derived from Zoopla and Rightmove. They are just an average of how much you can expect to pay, meaning you can still come across rents lower or higher than these figures, depending on the rental property’s features.
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What do these rental figures indicate?
Bexley appears to be the cheapest area to rent in London. However, before choosing a region, it’s important to consider factors such as where you’re working and how convenient or affordable it will be for you to commute.
It’s naturally clear that sharing a rental is cheaper, especially for a four-bedroom rental. As you weigh other individual-specific factors, consider this to save more of your hard-earned money.
Note as well that living in Zones 5 or 6 may mean spending more on commuting, especially if you’ll be working in Central London. It therefore makes sense to compare deals on travel cards to save money. However, if you’re working from home, they can be ideal zones to live in, especially with the need for space being a crucial feature when considering where to live nowadays.
Will rents in London go down soon?
Rents in London dropped last year to attract or retain tenants who were already moving out of the capital in search of space. After all, working from home had become the new normal, meaning many workers no longer needed to live near the office. But now that restrictions have been lifted and companies are adopting a hybrid working model, Brits have started returning to the capital, increasing demand.
Unfortunately, there is still an imbalance between supply and demand, so rents are increasing steadily. It doesn’t help that inflation is on the rise. These factors suggest that rents might continue to increase, at least in the short term. However, when supply starts meeting demand, rents may come down gradually.
For now, if you need to be in London, it makes sense to find the cheapest places to rent. And while you’re at it, consider getting roommates to lower your rent as much as possible. Additionally, to help you remain financially resilient amid the soaring cost of living, try to:
Switch utility providers to find cheaper deals (including energy suppliers and home insurance)
Cut back on luxuries where possible
Start a side hustle
Check whether you’re eligible for government benefits
The post Cheapest areas to rent in London 2022 appeared first on The Motley Fool UK.
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