London is not known for its cheap rents but some areas are more affordable than others. The borough of Bexley is the most reasonably priced in the capital, according to a new report. But there is a catch. It’s only the cheapest on average if you rent in a group of four people, according to OnTheMarket.com. Bexley is the cheapest borough for each scenario. (Assumes one person per bedroom and shows the amount in monthly rent payable per person.) For a four bedroom property in Bexley, the monthly total rent is £1,633.52 but divided between four people, it is £408.38 each.
The report suggests this is 35 per cent cheaper than the average cost of renting a room in London, which is £629 per month according to government statistics from last year. The report also details the best way to rent if you live in other areas of the capital. Click to enlarge: The table shows the most expensive scenarios in each area of London.
(Assumes one person per bedroom and shows the amount in monthly rent payable per person.) If you choose to rent in north London then getting a property as a group of four in Enfield is your best bet and you’ll pay an average of £521.84 each per month. The best option in south London is a property in Croydon, also renting as a group of four people, which will cost you a monthly average of £508.41 each.
In west and central parts of the capital you can expect to pay £498.44 and £895.85 respectively each month as part of a household of four. MORE: We’re racist towards robots and should be thoroughly ashamed of ourselves, study finds Click to enlarge: How many bedrooms achieve the best value per tenant within each borough. How many bedrooms achieve the best value per tenant within each borough?
If you don’t want to live with as many people then boroughs including Merton, Sutton, Ealing, Hammersmith & Fulham are a good choice as renting as three tenants works out cheaper. If there are only two of you then Camden, Kensington and Chelsea and Westminster could become more affordable. Helen Whiteley, Commercial Director at OnTheMarket.com, said: ‘The data shows that at a time when tenants in the capital are becoming increasingly stretched, they can potentially reducetheir overall rental outgoings by examining different cost scenarios based on the number of flatmates.
The findings also highlight that considering moving to a different borough can save notable amounts of money for the difference of just a few miles.’