Have you been looking for a cheap room for the last 5 hours without finding anything that does not look like shoes box? Don’t worry, everyone here knows that feeling.
We just have to accept that our budget, regardless how high is it, will not be enough to rent something in London that meets our expectations.
So, now that we have established that it’s a real mission impossible for you to find a cheap room in London and that we’ll have to accept some compromises, let’s have a look of the average rental prices per post code in London
Average rental prices in London by post code – 2020
|Area||Post code||Average weekly rent||Monthly|
|West End||WC1 – WC2||£223.00||£966.33|
Source: 23,489 ads on RoomClub.com Prices for a double room for single use, per week, with bills and council tax included.
Staring too much at the average rental prices in London won’t make you feel better.
So I’m really sorry to be the one to tell you that you need a great salary in order to afford to rent a room in London. But this is the sad true.
At the same time London is an amazing place where to live and the minimum wage has been growing at incredible rate of 5% yoy (almost…)
Find more statistics at Statista
And what about the rent growth year over year in central London? is it now cheaper to rent a room than it was before? what’s the average price?
Of course prices went up to the roof in the last decade!
Last decade comparison – average rent of a room in London
|2010||2020||% Raise||Last 10 years’ inflation|
|Single room in zone 1||£150||£205||36.6%||27%|
|Single Room in zone 2||£115||£165||43.4%|
|Single room in zone 3||£95||£130||36.8%|
|Twin (double) room in zone 1||£200||£260||30%|
|Twin (double) room in zone 2||£170||£220||29.4%|
|Twin (double) room in zone 3||£145||£190||31%|
Prices are per week, with bills and council tax included, rounded to the nearest £5.
So if we compare the increase of how much it cost to rent a room in London in the last decade, and how the minimum wage went up for the same period, we can find out that:
- rent price increase: 35%
- minimum wage increase: 50%
so yes, the wage has increased of 50% whilst the rent went up “only” 35%. is it a good news, isn’t it?
considering that everything else has increased at the same time we can’t hardly define ourselves richer now than what we were 10 years ago.
It is well known that the minimum wage is just the minimum that you can get paid for covering all your expenses.
A full time job, with 37.5 worked hours a week, will set you to a gross income of £17,000 per year.
This means £1,258 in your pocket a month.
So if you compare it with the average rental price per post code, you can easily figure it out yourself that South Kensington, Oxford Street and Liverpool street are well out of your budget.
Even trendy areas such as Camden Town and Shoreditch are quite out of your possibilities. So forget your idea of living in zone 1 and focus your attention to the zone 2 of London (don’t forget that the monthly travelcard price is exactly the same, so no extra expenses for traveling)
This is why more and more people are looking for rooms to rent in Kilburn or Battersea area.
And you, how much are you paying for renting your room in central London?
Fill the form below about the rental prices in London