Research by leading online lettings platform, Urban.co.uk, has looked at the cost of climbing the London rental ladder from a studio flat to a four-bed property.
With the cost of homeownership way out of reach for many, the capital’s tenants are left with little choice but to upsize within the rental market to a larger property.
London as a Whole
On average across London, the jump to increase your rental potential is a 42% increase in rent a week for each room.
The cost to jump straight from a studio flat to a four-bed property is a staggering 299% increase.
From a studio to a one-bedroom and a one-bedroom to a two-bedroom requires a 35% and 37% increase respectively. The largest jump is from a two-bed to a three-bed where the weekly rent leaps from £553 to £906 – an increase of 53%. To make the final leap from a three-bed to a four-bed requires a further 46% increase in weekly rent.
Studio to a Four-Bed
Although very unlikely, for those looking to expand from a studio straight to a four-bed, Highgate, N6 is home to London’s largest jump. While a studio flat costs on average £101 a week to rent, there’s a 1090% increase to the £1,202 a week for a four-bed property.
Studio to a One-Bed
Highgate is also home to the largest jump between a studio and a one-bed with a 215% increase, followed by Soho, W1, where the rent increases by 179% between the two.
One-Bed to a Two-Bed
Fitzrovia, W1B offers the highest step between a one and two-bed property with a 194% increase in weekly rent from £455 to £1337! Oxford Circus, Belgravia, Blackfriars and Bond Street are also some of the largest jumps between this property size.
Two-Bed to a Three-Bed
For those looking to move to a property with a third bedroom, Westminster offers the biggest obstacle, with an increase of 456% from a two-bed to a weekly rent of £4,596 for a three-bed. Croydon (297%) is the second largest with Green Park, Piccadilly Circus and Covent Garden also amongst the highest.
Three-bed to a Four-Bed
For that final step for those renting in the capital and eyeing a four-bed property, the place to avoid is Bank, EC3. The jump between property sizes requires a huge 465% increase in weekly rent, to a massive £13,846. Again, Oxford Circus, Fitzrovia and Hampstead also rank us some of the biggest leaps.
|London||Weekly Rent||Jump||Average Increase|
|Highest % Increase Studio to One-Bed|
|Area||Studio (weekly)||One bed (weekly)||% Change|
|Bethnal Green, E2||£158||£358||108|
|Great Portland Street, W1W||£367||£748||104|
|Highest % increase one bed to two bed|
|Area||One bed (weekly)||Two bed (weekly)||% Change|
|Oxford Circus, W1B||£459||£1282||179|
|Bond Street, W1K||£816||£1582||94|
|Highest % increase two bed to three bed|
|Area||Two bed (weekly)||Three bed (weekly)||% Change|
|Green Park, W1J||£1,014||£3,509||246|
|PIccadilly Circus, W1J||£1,014||£3,509||246|
|Covent Garden, W2CE||£820||£2,501||205|
|Highest % increase three to four bed|
|Area||Three bed (weekly)||Four bed (weekly)||% change|
|Oxford Circus, W1B||£1,735||£7,500||332|
|Swiss Cottage, NW3||£928||£2,286||146|
|HIghest % increase studio to four bed|
|Area||Studio (weekly)||Four bed (weekly)||% change|
|Marble Arch, W1||£532||£4,061||663|
With the unaffordability of homeownership in the capital continuing to strain the rental market due to the growing levels of high demand, those looking to increase the size of their rental property have quite the obstacle to overcome where the hike in rent is concerned. With an average increase of 42% per a room, it isn’t as easy as making simply the move as this additional cost has to be considered and compiled before doing so. When you couple this with extortionate fees charged by high-street letting agents, it’s no wonder many are forsaking the capital for more affordable rental options in the surrounding areas.Director of Lettings at Urban.co.uk, Adam Male
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