Cheapest Places to Find a Rental a Property in London in 2021
Renters now have more choices when it comes to the cheapest London boroughs to rent a property in and may be at a slight advantage compared to landlords considering how the real estate market has been affected by the current pandemic.
In this article, we’re looking into the most popular and cheapest areas to rent in London to help you make your choice and secure your new rental home while protecting your budget.
What you can find in this article:
- Barking and Dagenham
- Waltham Forest
If you are looking for a rental property in London, our experienced estate agents at REMAX Star Canning Town can help you navigate your options and find the home that suits your needs. Our market experience is unparalleled, and we always go above and beyond to support clients in their search for a new home.
To find out more about how we can help you, call 0207 055 0441 or book an appointment online.
Here Are the Cheapest Areas to Rent in London in 2021
According to the Mayor of London’s official website, this is what the private rental property market looks like right now:
It’s easy to see that the central areas are maintaining their status as notoriously expensive, while the areas surrounding the city centre tend to offer renters more affordable rates for their budget.
Overall, while Barking and Dagenham and Newham are taking the lead when it comes to the cheapest areas in London to buy a new home, Bexley, Havering, and Sutton are in the lead when it comes to the cheapest areas to rent in London.
Keep reading to find out what each of the cheapest areas to rent in London have to offer and what rental prices you can expect for different types of properties.
Located just 40-45 minutes away from Central London, Bexley is a South-East London borough offering renters a wide range of properties to choose from. Commuter-friendly flats, semi-detached homes, and period houses are only a few of the types of homes you can find in this affordable London area.
Home prices start at £800 – £850 pcm for a 1-bedroom home and £1,200 for a 2-bedroom property. 3-bedroom homes average at £1,250 – £1,300, while for a 4-bedroom home you will be paying a rent above £2,000.
Among the advantages of choosing a rental home in Bexley, we can count:
- It’s one of the safest boroughs in London
- It’s a quiet, quaint, leafy suburb
- The area has high-rated schools and plenty of green spaces for residents to enjoy
- It’s a community-focused borough and has a low-key nightlife
- It’s ideal for growing young families
Great for shopping enthusiasts, nature lovers, and young families looking for good schools, Havering is a promising area in East London. Public and private investments in the area are rapidly increasing buyer and renter interest in Havering.
Havering offers easy access by car or train into the central area and a large variety of properties for every taste and budget. Rental prices for 1-bedroom properties in Havering start at £860 pcm, for 2-bedroom properties at £1,150, and for 3- bedroom properties at £1,300.
You can also find 4-bedroom homes in Havering for a monthly average of £1,880 pcm.
With good transport links getting commuters to Central London in 45 minutes or less, a bustling community that balances city and suburban living, pubs, parks, supermarkets, shopping centres, and highly rated schools, Sutton is ideal for first-time home buyers and young families and second on the list of cheapest areas to rent in London.
In Sutton, the cheapest 1-bedroom flats start at £925 pcm, while 2-bedroom flats start at £1250. If you need more room, you can find 3-bedroom flats starting at £1,650 and 4-bedroom properties from £1,750.
Barking and Dagenham
Barking and Dagenham’s popularity has been on the rise with renters as well as first-time home buyers for years now. Its good London Underground and National Rail transport links taking commuters to Central London and the business districts in under 45 minutes together with its up-and-coming community vibe and wide range of properties make this London borough one of the most sought-after areas in East London.
To add to its appeal, property prices in Barking and Dagenham have not yet completely caught up with the area’s rising popularity. You can still find a new home to buy at reasonable prices, while its rental rates make it one of the cheapest places to live in London.
You can find 1-bedroom properties to rent in Barking and Dagenham for as little as £990 pcm, 2-bedroom flats at £1,250, and 3-bedroom flats at just above £1,450.
Croydon is a South London borough that has developed into a full-scale metropolitan centre. It’s known as a cultural centre, a business and financial centre, and the second most populated borough in London.
If a 30-minute commute to the city centre and some of the most affordable rental properties in London sound good to you, then Croydon should definitely be on your list.
With plenty of 1, 2, and 3-bedroom properties available, you can rent a flat in Croydon for as little as £920 pcm. Prices go up to £1,310 for 2-bedroom flats and £1,525 for 3-bedroom flats. For 4-bedroom properties, rental rates are above £2,000.
Located in the vicinity of London’s Heathrow Airport, Hillingdon is one of the capital’s largest boroughs and one of the cheapest areas to rent in London.
This West London area offers renters and buyers alike a balanced choice between new builds, maisonettes, and period homes. Rental rates average at £1,425, with 1-bedroom flats starting at £965 pcm, 2-bedroom flats starting at £1,360, and 3-bedroom flats starting at £1,575.
Hillingdon offers residents a country community feel and access to the heart of the city in as little as 30 minutes, with the arrival of the Crossrail promising to shorten commutes and improve access to other London areas even further.
Bromley is another notable South-East London addition to our list of cheapest areas to rent in London. Bordering Kent, Bromley is the largest borough in Greater London with the largest share of farmland (30%).
Combining an urban and rural vibe, Bromley is a close-knit community with good railway links getting commuters into Central London in under an hour.
You can rent a 2-bedroom property in Bromley for £1,300 pcm, and a 1-bedroom flat for under £925. 3-bedroom properties start at £1,500 pcm.
With its parks, culture and arts scene, and numerous sports and leisure facilities, Redbridge is an East London borough that appeals to young families and young professionals commuting to London’s business districts.
Redbridge offers residents the best of both worlds. If you want to access the bustling city centre, Redbridge’s London Underground links can get you there in 20 minutes. However, if you prefer the quiet, suburban life, you are never far away from a relaxing and beautiful green area in Redbridge.
Rental prices in Redbridge start at £950 pcm for a 1-bedroom and £1,325 for a 2-bedroom. For 3-bedroom properties, the average rent is £1,560, while for 4-bedroom properties rental rates start at £2,000.
The North-East London borough of Waltham Forest is well-connected to Central London through the London Underground Central Line and Victoria Line and is known for the lush scenery offered by Epping Forest and the River Lea.
The cheapest properties to rent in Waltham are found in Walthamstow. Affordable 1-bedroom flats can be found in the area for as little as £1,000 pcm and 2-bedroom properties start at £1,400. For a 3-bedroom home, you will need a budget of at least £1,675, and for a 4-bedroom home you will have to stretch the budget to over £2,200.
The South London borough of Lewisham is last on our list of cheapest areas to rent in London and only 50 minutes away from the city centre. With recent Council efforts to regenerate and revitalize the area’s community spaces, schools, and shopping facilities, Lewisham is on its way to becoming a vibrant metropolitan area.
You can find various types of properties to rent in Lewisham and low rental rates starting at £1,070 pcm for 1-bedroom flats. For 2-bedroom flats, the average rental price is £1,550. For 3-bedroom properties, it increases to £2,050, and for 4-bedroom properties to £2,400.
No matter if they are looking for a small, 1-bedroom flat to rent or a larger 3 to 4-bedroom property, London can feel pretty expensive and leave many renters wondering if they can find a rental home that fits their budget.
However, as expensive as London is compared to other areas, affordable properties to rent are still within reach.
If you want to know more about the rental market in London and need help securing an affordable rental property, our experienced London estate agents are always available to help. For assistance and more details, you can reach us at 0207 055 0441.