Research by London rental platform, Rentd, revealed that London was the most expensive city to rent when pitted against 27 other European capital cities.
Rentd said the average monthly rent of a one bedroom apartment in the English capital was £1,776 per month.
This is by far the highest cost of renting of all the cities analysed by Rentd, with Paris the next least affordable at £1,589 per month, while the average monthly rent also exceeded £1,000 in Dublin, Amsterdam, Copenhagen and Stockholm.
The most affordable places to rent included Bulgaria’s capital Sofia at £359, Budapest (Hungary) at £373, Riga (Latvia) at £380, and the Romanian capital of Bucharest at £393.
Not only is this around 80 per cent per month more affordable than the capital, Rentd point out renters could rent for between four and five month’s for the cost of a single month’s rent in London.
Where rent is under £500 a month
The Croatian capital of Zagreb is home to an average monthly rental cost of £428, with Athens at £433 and the Cypriot capital of Nicosia at £492 also coming in under £500 per month.
Ahmed Gamal, founder and chief executive of Rentd, said not only are these cities 72 per cent to 76 per cent more affordable, but you could rent for between three and a half to four months for the cost of a single month’s rent in London.
He said: “When it comes to bricks and mortar, London is arguably the most desirable city in Europe, if not the world, regardless of whether you’re looking to buy or rent.”
“Of course, the down side to this unsurpassable level of property prestige is that high demand for rental homes has pushed the cost of renting within the capital far beyond that of any other European capital.”
“Not that you would want to, of course. After all, the prospect of guaranteed sunshine is overrated and with the impending Jubilee celebrations about to kick off the summer season, there’s going to be no better place to spend it than in London.”
