There is a perfect flat in London for everyone as long as you remember one thing - compromise! OK so that might be something of a paradox but unless you have just won the lottery it’s the cold hard truth.
There is a saying amongst estate agents that everyone’s perfect property is 15% above their budget, regardless of what their budget is. It’s very true and actually underpins the sharp increases in London rents we’ve seen over the last few years.
Where you live, the size of the property and how much to spend on rent is up to you - well, to a degree. Go for something large and cheap and that means living a million miles from nowhere. Go somewhere central and big and you'll have to spend a fortune but go for something central and cheap and you'll be living in a cupboard! Want something cheap, central and big? Come on, this is London - it just doesn't exist!
The only way to get something close to what you want is to compromise. Albeit on size (do you really need that study or balcony?), price (can you find an extra £50 a week) or location (can you walk an extra 10 minutes to the tube?).
In our opinion the best compromise when renting is location. When it comes to price you should always stay in your budget (remember you don't want to rent forever so should be saving for that deposit) and as for size sometimes getting a bigger place and renting out the extra room can actually work out cheaper on an individual basis.
With levels of rent varying so dramatically in London it's sometimes hard to tell if your rent is within a normal range. Use our app to find out if you are paying the right amount of rent based on its location, condition and size.Learn more
Of the 1.85 million properties in London just over one-third of them are flats, the remainder being terraces, semi-detached or detached. Of these almost 700,000 properties 82% of them have either 2 or 3 bedrooms. 2 bedroom properties account for 56% of all flats in London, making it the most common size of flat. 3 bedrooms flats account for just over 25% of flats. 1 bedroom properties (which also includes studios in this analysis) account for 12.5% with the remaining 5.6% flats having 4 or more bedrooms. The pattern demonstrates that flats are generally used by couples or sharers rather than families. 2 bedrooms flats in London are the most common because they allow either two sharers to contribute to the rent or a couple to have a spare room.
The average rent for a room in London is £115 per week but the most expensive flats cost £137 or more and the least expensive ones cost £93 or less. For a studio the average rent in London is £191 per week with the most expensive examples costing £250 or more and the least expensive ones costing £161 or less. The average rent for a 1 bed flat in London is per week £265 but the most expensive flats cost £325 or more and the least expensive ones cost £207 or less. The average rent for a 2 bed flat in London is per week £320 but the most expensive flats cost £395 or more and the least expensive ones cost £265 or less. The average rent for a 3 bed flat in London is per week £385 but the most expensive flats cost £506 or more and the least expensive ones cost £316 or less.
Like most cities, pressure on land means that properties have a smaller average size close to the centre. This is certainly true for London. In tube zone 1, which approximately represents prime central London over 76% of properties are flats. In zone 2 the figure is lower but still around 70%. In zone 3 where there is much more family housing the figure comes down dramatically to 40%. In zones 4 and 5 it’s lower still at 25% and 20% respectively.
Now you know all about flats in London, you can find one with our simple search or matchmaker search below.
Finding the perfect property for you online can be a difficult and lengthly process. That’s why we created our Matchmaker search which scores every available property on Rentonomy.com based on how suitable it is for you.Learn more