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Average rent in London: February 2024

The average rent in London is now £2,119 per month after +6.4% growth in the last year. The cheapest average rent is in Bexley (£1,520) and the highest average rent is in Kensington and Chelsea (£3,460) although rental increases are slowing in the most expensive parts of the city.

Words by: Ellie Isaac

Senior Editor

London is by far the most expensive place to rent a home in the UK with an average rent of £2,119 for new lets. Average rents in London are almost double the UK average of £1,220.

However, rental inflation in London has slowed in the last 12 months, now at +6.4% versus +16.1% a year ago. This is currently lower than UK-wide growth of +8.3% over the last year.

Average rental prices in London

Average monthly rent in London (December 2023)Average monthly rent in London (December 2022)% change in the last 12 months£ change in the last 12 months
Zoopla Rental Index. Data to December 2023, published February 2024
A bar chart showing the average rent in London each year from 2013 to 2023. The average London rent was £1,529 in 2013 and rose to £2,119 by the end of 2023.

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Average rent by local authority in London

The table sets out the average rent for every local authority in London, starting with the cheapest. It also shows how much rents for new lets have increased in the last 12 months in each location.

London boroughAverage monthly rent (December 2023)% change in the last 12 months£ change in the last 12 months
Barking and Dagenham£1,657+13.3%+£190
Waltham Forest£1,782+11.4%+£180
Kingston upon Thames£1,801+10.1%+£160
Richmond upon Thames£2,095+7.2%+£140
Tower Hamlets£2,331+5.%+£110
Hammersmith and Fulham£2,616+7.3%+£180
City of London£2,629+3.4%+£90
City of Westminster£3,153+4.8%+£140
Kensington and Chelsea£3,460+5.1%+£170
Zoopla Rental Index. Data to December 2023, published 2024

Rental growth has slowed the most in Inner London boroughs, which are also commonly the most expensive with average rents sitting well above £2,000 per month. For example, we were seeing rent rises of up to +20.9% in Tower Hamlets a year ago where the average rent is £2,331, but these increases have now steadied to +5.0%. 

However, the experience of renters in Outer London is a different story, with double-digit rental inflation in many areas. Rents have risen by more than +13% in the last year in more affordable eastern boroughs of Havering, Redbridge and Barking and Dagenham.

These reductions suggest landlords are becoming more realistic in pricing their rentals and may be taking cost-of-living struggles into consideration when setting new rates, which tend to be exacerbated for those in the rental market.

A line graph showing annual rental price inflation for the UK and London. Both are below 0% growth in January 2021 before rising steeply to peak in summer 2022 with inflation now falling steadily - UK at +8.3% and London at +6.4%

What’s next for the London rental market in 2024?

We expect the growth of London rents to slow to around +2% on average in 2024. 

It’ll be a reprieve for London renters as they already face the highest rents and lowest affordability of anywhere in the country. The average renting household in London (1.25 people) already spends 40.4% of their earnings on rent compared to a UK average of 28.4%.

Average rent in the UK: February 2024

Demand from London renters will continue to drop as many cannot afford further rent rises amidst other affordability pressures.

London renters will continue to look for lower rental prices in the outer boroughs and nearby commuter towns, which will keep average rents rising in these places.

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We try to make sure that the information here is accurate at the time of publishing. But the property market moves fast and some information may now be out of date. Zoopla Property Group accepts no responsibility or liability for any decisions you make based on the information provided.