As the country returns to some level of normalcy, the big question is just how the London rental market has withstood the ravages of the pandemic. We know that Covid-19 drove average central London rents down by 13%, and that some areas even saw them drop by as much as 22% - great for renters, not so great for landlords.

For any landlords out there, there is no need to panic. With renter registrations back up a staggering 44% from last year, it is only a matter of time until balance is restored, and the more life returns to business-as-usual, the more tenants will return to the inner boroughs of London.

For renters, now is a good time to get a great deal on a rental property. But, the question is, where?

The cheapest places to rent in London

Here at Portico, we have analysed 26,417 rental properties currently available on Rightmove* throughout all 32 London boroughs, breaking down the most affordable places to rent in and around the capital. We have found that the average rental price in London is currently £1,832 per month, with the average rental for a two-bedroom property at £1,800 pcm.

Below is a tale of all 32 London boroughs, ranked from cheapest to most expensive**. We have ranked these boroughs by their average 2 bedroom rental prices, but have included other important market statistics for your consideration. We hope this helps in your rental search - or for landlords, your investment strategy.

1. Bexley

Average 2-bedroom monthly rental price: £1,243

Number of current 2 bedroom rental listings: 73

Average rental price for the borough: £1,358

Rental price range: £680 - £12,350

View properties to rent in Bexley.

2. Sutton

Average 2-bedroom monthly rental price: £1,313

Number of current 2 bedroom rental listings: 96

Average rental price for the borough: £1,262

Rental price range: £500 - £1,313

View properties to rent in Sutton.

3. Croydon

Average 2-bedroom monthly rental price: £1,341

Number of current 2 bedroom rental listings: 377

Average rental price for the borough: £1,274

Rental price range: £550 - £4,000

View properties to rent in Croydon.

4. Hillingdon

Average 2-bedroom monthly rental price: £1,375

Number of current 2 bedroom rental listings: 284

Average rental price for the borough: £1,427

Rental price range: £465 - £5,995

View properties to rent in Hillingdon.

5. Barking and Dagenham

Average 2-bedroom monthly rental price: £1,377

Number of current 2 bedroom rental listings: 123

Average rental price for the borough: £1,388

Rental price range: £700 - £3,683

View properties to rent in Barking and Dagenham.

6. Bromley

Average 2-bedroom monthly rental price: £1,400

Number of current 2 bedroom rental listings: 175

Average rental price for the borough: £1,393

Rental price range: £540 - £5,800

View properties to rent in Bromley.

7. Redbridge

Average 2-bedroom monthly rental price: £1,404

Number of current 2 bedroom rental listings: 212

Average rental price for the borough: £1,401

Rental price range: £425 - £15,000

View properties to rent in Redbridge.

8. Harrow

Average 2-bedroom monthly rental price: £1,428

Number of current 2 bedroom rental listings: 302

Average rental price for the borough: £1,435

Rental price range: £498 - £9,000

View properties to rent in Harrow.

9. Waltham Forest

Average 2-bedroom monthly rental price: £1,458

Number of current 2 bedroom rental listings: 193

Average rental price for the borough: £1,506

Rental price range: £500 - £23,000

View properties to rent in Waltham Forest.

10. Lewisham

Average 2-bedroom monthly rental price: £1,483

Number of current 2 bedroom rental listings: 326

Average rental price for the borough: £1,434

Rental price range: £500 - £1,483

View properties to rent in Lewisham.

11. Enfield

Average 2-bedroom monthly rental price: £1,490

Number of current 2 bedroom rental listings: 153

Average rental price for the borough: £1,638

Rental price range: £500 - £17,996

View properties to rent in Enfield.

12. Kingston-Upon-Thames

Average 2-bedroom monthly rental price: £1,551

Number of current 2 bedroom rental listings: 167

Average rental price for the borough: £1,755

Rental price range: £625 - £13,500

View properties to rent in Kingston.

13. Barnet

Average 2-bedroom monthly rental price: £1,575

Number of current 2 bedroom rental listings: 385

Average rental price for the borough: £1,801

Rental price range: £450 - £19,933

View properties to rent in Barnet.

14. Haringey

Average 2-bedroom monthly rental price: £1,602

Number of current 2 bedroom rental listings: 346

Average rental price for the borough: £1,571

Rental price range: £545 - £8,450

View properties to rent in Haringey.

15. Ealing

Average 2-bedroom monthly rental price: £1,642

Number of current 2 bedroom rental listings: 355

Average rental price for the borough: £1,659

Rental price range: £600 - £11,950

View properties to rent in Ealing.

16. Greenwich

Average 2-bedroom monthly rental price: £1,653

Number of current 2 bedroom rental listings: 431

Average rental price for the borough: £1,606

Rental price range: £490 - £6,977

View properties to rent in Greenwich.

17. Brent

Average 2-bedroom monthly rental price: £1,667

Number of current 2 bedroom rental listings: 377

Average rental price for the borough: £1,617

Rental price range: £500 - £7,000

View properties to rent in Brent.

18. Newham

Average 2-bedroom monthly rental price: £1,667

Number of current 2 bedroom rental listings: 381

Average rental price for the borough: £1,628

Rental price range: £525 - £6,864

View properties to rent in Newham.

19. Hounslow

Average 2-bedroom monthly rental price: £1,689

Number of current 2 bedroom rental listings: 364

Average rental price for the borough: £1,662

Rental price range: £500 - £7,000

View properties to rent in Hounslow.

20. Merton

Average 2-bedroom monthly rental price: £1,701

Number of current 2 bedroom rental listings: 279

Average rental price for the borough: £2,029

Rental price range: £525 - £17,500

View properties to rent in Merton.

21. Lambeth

Average 2-bedroom monthly rental price: £1,885

Number of current 2 bedroom rental listings: 382

Average rental price for the borough: £1,867

Rental price range: £675 - £9,967

View properties to rent in Lambeth.

22. Hackney

Average 2-bedroom monthly rental price: £1,912

Number of current 2 bedroom rental listings: 366

Average rental price for the borough: £1,848

Rental price range: £580 - £10,883

View properties to rent in Hackney.

23. Islington

Average 2-bedroom monthly rental price: £1,938

Number of current 2 bedroom rental listings: 380

Average rental price for the borough: £1,889

Rental price range: £607 - £14,998

View properties to rent in Islington.

24. Richmond-Upon-Thames

Average 2-bedroom monthly rental price: £1,949

Number of current 2 bedroom rental listings: 378

Average rental price for the borough: £2,567

Rental price range: £480 - £50,000

View properties to rent in Richmond.

25. Tower Hamlets

Average 2-bedroom monthly rental price: £1,975

Number of current 2 bedroom rental listings: 382

Average rental price for the borough: £1,899

Rental price range: £625 - £8,667

View properties to rent in Tower Hamlets.

26. Southwark

Average 2-bedroom monthly rental price: £2,051

Number of current 2 bedroom rental listings: 427

Average rental price for the borough: £1,964

Rental price range: £633 - £14,300

View properties to rent in Southwark.

27. Wandsworth

Average 2-bedroom monthly rental price: £2,121

Number of current 2 bedroom rental listings: 454

Average rental price for the borough: £2,116

Rental price range: £542 - £27,083

View properties to rent in Wandsworth.

28. Hammersmith and Fulham

Average 2-bedroom monthly rental price: £2,179

Number of current 2 bedroom rental listings: 395

Average rental price for the borough: £2,242

Rental price range: £802 - £14,517

View properties to rent in Hammersmith and Fulham.

29. Camden

Average 2-bedroom monthly rental price: £2,257

Number of current 2 bedroom rental listings: 368

Average rental price for the borough: £2,235

Rental price range: £600 - £14,083

View properties to rent in Camden.

30. Westminster

Average 2-bedroom monthly rental price: £2,921

Number of current 2 bedroom rental listings: 351

Average rental price for the borough: £3,289

Rental price range: £750 - £86,667

View properties to rent in Westminster.

31. Kensington and Chelsea

Average 2-bedroom monthly rental price: £3,100

Number of current 2 bedroom rental listings: 412

Average rental price for the borough: £3,298

Rental price range: £650 - £65,000

View properties to rent in Kensington and Chelsea.

32. City of London

Average 2-bedroom monthly rental price: £3,284

Number of current 2 bedroom rental listings: 113

Average rental price for the borough: £2,578

Rental price range: £1,000 - £16,250

View properties to rent in the City of London. 

Where are the cheapest 2 bedroom rental properties in London?

Of the more generally affordable areas for 2 bedroom pads, let's dive further into the specific areas currently hosting the best deals for that property type: 

Where are the cheapest individual rental properties in London?

Though ranking boroughs by their average two-bedroom property values gives a more accurate assessment of which areas are the cheapest, we also looked at the borough-wide average rental price across all property types.

The top five London boroughs with the lowest average rental prices across all property types are:

• Sutton - with an average rental price of £1,262
• Croydon - with an average rental price of £1,274
• Bexley - with an average rental price of £1,358
• Barking and Dagenham - with an average rental price of £1,388
• Bromley - with an average rental price of £1,393

The below table shows all 32 London boroughs ranked by their average rental price across all property types, in ascending order.

The areas of Redbridge, Hillingdon and Sutton may represent a particularly good bang-for-your-buck, with all of them coming in with favourably low average rental prices across all listing types.

Areas narrowly missing a spot on the top five list for cheapest individual listings include Harrow, Sutton, Waltham Forest, Lewisham, Enfield, Brent and Hounslow, all with a current rental listing marketed at £500 per month.

Where are the most expensive rental properties in London?

The top three boroughs for the highest overall average rental prices are:

• Kensington and Chelsea - with an average rental price of £3,298
• Westminster - with an average rental price of £3,289
• City of London - with an average rental price of £2578

At the time of writing this article, Knightsbridge holds the top spot for highest current individual listing, a palatial 5 bedroom townhouse in Montpelier Square - only a cool £86,667 per calendar month and it’s yours to hang your hat in.

A five year glimpse at the rental market in London

A recently completed 5 year study by Rightmove on the London rental market is revealing some interesting statistics. Areas of inner London are seeing asking rents down by 6.5% compared to Q1 2016, whilst the asking rents in Outer London are holding their own, up by 2%.

The greatest five-year increase was in Hammersmith, with asking rents at 12% higher than 2016, although the increase occurred between 2016 and 2020 - the current rental prices are down 19% from this time last year.

Meanwhile, the biggest rental drop in the capital is Finsbury, with rental asking prices down 24% from 2016, while the number of Finsbury rental properties currently on the market is up 76% from a year ago.

Data from the study does spell some good news for prospective tenants looking to rent in London, with areas previously unaffordable now opening up as new options. The biggest decline witnessed in cash terms is Knightsbridge, where average rental prices - while still a hefty £6,221 pcm - are down £1,246 from five years ago.

A stark contrast to the rest of the country can be found in the stock availability figures. The strong country-wide demand has led to stock percentages being down 54%, while in the capital it is up by 19%.

Related: Property Market Forecast & Review

A good time to invest or rent

For landlords and prospective tenants alike, it can certainly be a good time to consider investing. There are always the traditionally cheaper places on the market, but currently also a good number of properties that are much cheaper than in previous years, thanks to the lingering Covid impacts.

Some of the more traditionally expensive areas are currently incredibly good value and therefore can also represent a great opportunity for tenants to lock in good deals and negotiate longer lease terms.

Get in touch if you’re looking for your next home!

These recent times may have been turbulent, but the property market has shown great resilience despite some sizable shifts. It has been a worrying time for landlords and a confusing time for renters as they assess when and where to relocate to.

That said, there is the promise of new beginnings as the vaccine roll-out succeeds in making the pandemic chaos a thing of the past, and we should start to see the dust settle. In the meantime, there are some great deals to be had.

If you’re interested in renting in London, check out all our available London properties to rent here. If you’re a landlord, check out our online rental calculator to see if you’re charging the right right, or get an instant property valuation to check the current value of your rental property. For all other enquiries or questions, give our friendly team a call on 020 7099 4000.

*Data correct as of May 11 2021. The data analysed includes all current rental properties on Rightmove excluding house shares, HMOs, garages, parking spots and retirement property.

**Rightmove caps scraping to 42 pages for a large number of results, which is 1,200 properties per borough. So for the areas with more properties than 1,200 currently on the market, we have capped the range of properties analysed to 1,200. We have selected the first 1,200 'newest' properties in that area to give a fair assessment of average rental prices in the area.