New research reveals the cheapest and most expensive boroughs in London for renting a 2 bedroom property.
London estate agent Portico has found that rental rates have been dropping during the pandemic, with central London rents down by 13%.
Examining 26,417 rental properties in all 32 London boroughs currently available on Rightmove, it has identified the most affordable locations for tenants.
The research shows that the average rental price in the capital is currently £1,832 per month, while the average rental for a two-bedroom property in the capital is £1,800 per month.
The following table shows a ranking of all 32 London boroughs from cheapest to most expensive. The boroughs have been ranked by their average 2 bedroom rental prices.
| London Borough | Number of 2 bedroom properties | Average Rental Price 2 bed (pcm) |
| Bexley | 73 | £1,243 |
| Sutton | 96 | £1,313 |
| Croydon | 377 | £1,341 |
| Hillingdon | 284 | £1,375 |
| Barking and Dagenham | 123 | £1,377 |
| Bromley | 175 | £1,400 |
| Redbridge | 212 | £1,404 |
| Harrow | 302 | £1,428 |
| Waltham Forest | 193 | £1,458 |
| Lewisham | 326 | £1,483 |
| Enfield | 153 | £1,490 |
| Kingston upon Thames | 167 | £1,551 |
| Barnet | 385 | £1,575 |
| Haringey | 346 | £1,602 |
| Ealing | 355 | £1,642 |
| Greenwich | 431 | £1,653 |
| Brent | 377 | £1,667 |
| Newham | 381 | £1,667 |
| Hounslow | 364 | £1,689 |
| Merton | 279 | £1,701 |
| Lambeth | 382 | £1,885 |
| Hackney | 366 | £1,912 |
| Islington | 380 | £1,938 |
| Richmond upon Thames | 378 | £1,949 |
| Tower Hamlets | 382 | £1,975 |
| Southwark | 427 | £2,051 |
| Wandsworth | 454 | £2,121 |
| Hammersmith and Fulham | 395 | £2,179 |
| Camden | 368 | £2,257 |
| Westminster | 351 | £2,921 |
| Kensington and Chelsea | 412 | £3,100 |
| City of London | 113 | £3,284 |
Robert Nichols, CEO of Portico estate agents, says, “As life begins to return to something a lot more like normal, tenants seem to be making their first post-pandemic moves. Renter registrations are already up a staggering 44% from this time last year. It seems only a matter of time before balance is restored in the market, which will undoubtedly represent some very welcome news for landlords throughout the capital.
“The current snapshot is likely to prove temporary. Along with being an excellent time to rent, it could also be a window of opportunity for first-time investors or those seeking to expand an existing property portfolio. While it’s evident the pandemic has distorted the market, it seems there are lingering effects. With recovery imminent, some of the boroughs that wouldn’t ordinarily offer such bargains may just be lagging behind unfolding events. For tenants and investors alike, that might represent a once in a lifetime chance.”
The full research from Portico can be read here: https://www.portico.com/blog/tenant-advice/the-cheapest-places-to-rent-in-london