According to a new study, the average rental price in London reached the record of 2,694 pounds (3,220 euros) per monthup 2.5% compared to last year.
The data, provided by the British real estate portal Rightmovetake into account more than half a million ads published on the company’s website between July and September 2024.
The average rental price, calculated on a quarterly basis, takes into account demand for all types of property, from studios and one-bedroom apartments to houses with multiple rooms.
London continues to be one of the most expensive cities to live in, with prices that exceed those of European countries comparable with the UK.
Rightmove has calculated that the average rent for the most desirable central areas of London amounts to a staggering figure: 3,175 pounds (3,795 euros). In the more peripheral areas prices drop considerablywhile remaining particularly high: 2,341 pounds (2,797 euros) on average.
Tim (BIT:) Bannisterdirector of Property Science Innovation at Rightmove, told Euronews Business that London’s incredibly high rents are the result of a series of economic factors.
“Many owners are faced with higher costs for mortgage interest ratesfor constant maintenance and to comply with regulations. The increase in average rents reflects the challenges renters are facing. These have to bear increasingly greater expenses in a market that is still highly competitive, despite some improvements in the offer”.
“We will soon be able to take stock of the autumn season. Many owners are evaluating their position in the market and some may decide to take a step back due to the pressures they face,” he added.
For a house in Amsterdam you need almost 2,300 euros
Statesmana German data analytics company, examined the rental costs of 23 major European cities for the first quarter of the current year.**
Cities such as Milan, Paris, Amsterdam, Berlin, Lisbon, Helsinki, Athens and Rome (but not London) were analyzed to calculate the average rental price of a furnished one-bedroom apartment.
Amsterdam was found to be the most expensive cityaccording to Statista findings.
Con rents exceeding 2,275 euros per monththe Dutch city, despite being more expensive than its continental neighbours, is almost 1,000 euros cheaper per month than London rents.
The most touristy cities are those with the most expensive rents
According to Statista, Rome occupies second place in the ranking: you have to shell out 2,000 euros per month to live in the capital.
Third is Pariswhere those who wish to follow in the footsteps of “Emily in Paris” must expect an expense of 1,862 euros per month.
The Dutch cities of Rotterdam, Utrecht and The Hague also finish in the top 10. Rotterdam, with rents of 1,795 euros per month, placed fourth in the ranking, closely followed by The Hague, in fifth position with monthly rents of 1,790 euros.
Utrecht was overtaken into sixth place by Munich, with a rental cost of €1,770 beating its Dutch rival’s €1,746.
Bologna and Florence also placed themselves in the top part of the rankingin eleventh and twelfth place respectively, with rents of 1,600 euros per month, the same as Prague.
The capitals Madrid and Berlin were significantly cheaper than London and Amsterdam, with average rents of 1,494 euros in the Spanish city and 1,500 euros in the German capital.
In the cheapest cities, 1,000 euros a month is enough
Budapest, Athens and Turin were found to be the most convenient. The Hungarian capital has won the title of city with the cheapest rentswith monthly fees of 950 euros per month.
To enjoy the wonders of Athens, one thousand euros is enough, while for Turin 1,100 euros are needed.
