Best Value Places to Rent in London – 2021
London is home to one of the world’s busiest property rental markets, and frequently the rental prices seem rather expensive.
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While there are many established areas and places within the London property market that have a very high rental bracket, some areas of London are yet to catch up to the more expensive rental locations and instead offer valuable rental space that could become your next home.
To find the best value places in London, where the average rent currently stands at £2,002, it will be useful to look at the rental price for the area in both comparison to the London average and the neighbouring areas. We’ll also be looking at factors such as transport links as well as ongoing regeneration schemes will be considered in allocating value to a certain area or location.
Croydon
The average rental cost in Croydon stands at £1,151 pcm, and it is currently one of the three most affordable places to rent in London.
Furthermore, the area is undergoing a colossal regeneration scheme that has seen over £5 billion put into the revival of the area. The funds allocated are going towards a number of projects including the construction of state of the art retail and leisure facilities, as well as new public squares and spaces.
In addition, there is the very exciting construction of a new train station. The project also looks to revitalise the city centre through a number of bottom-up initiatives, and will also look to build 10,500 new homes, and finally provide roughly 23,500 new jobs, but also over 5,000 jobs throughout the construction phase.
All of these prospects look to bring significant value to Croydon and thus value to the rental market once the regeneration process is accomplished. As such it could be worthwhile looking into the rental market in Croydon and getting your hands on a great deal.
Lewisham
Lewisham is another exciting rental location in London where average rent is currently at £1,365 pcm.
The area is extremely well connected to the city centre, allowing you to get into London’s heart in just 10 minutes. The transport links include the DLR, National Rail as well as a well-serviced and well-connected bus route system.
The area is seeing new construction projects and developments mostly in the form of flat blocks. Lewisham is home to a vibrant and exciting community, and furthermore is undergoing the largest regeneration project in south east London – Lewisham Gateway. The project once completed will offer 649 homes for rent, around 25,000 sq ft of rental space, 15,000 sq ft of food and beverage space, 10,000 sq ft of offices, a gym as well as Lewisham’s first multiplex cinema.
Ultimately the well-connected area that is undergoing further regeneration is set to have the value of its rental market go up, and thus makes it an extremely valuable place to rent in London today.
Barking
The average rental price in Barking is currently at £1,343.
In 2017 the area began undergoing a 20 year regeneration programme in 2017, that will look to transform an area of over 400 hectares. The most significant changes to the area are to be seen in the town centre, and include the rebuild of a shopping centre, construction of multi-use sights for community use as well as the improvement of the train station.
The area is slightly out of London, however, is very well connected to the city centre thanks to the Hammersmith & City line.
As London grows, low cost rental opportunities in the city centre are limited and so developers have looked to areas such as Barking to further expand London’s property market.
Barking therefore looks to have exciting prospects, not only in the short-term to become one of the key hubs of London and can be seen to be one of London’s best value for money rental destinations.
Maida Vale
Finally, one of the other locations that could be worth looking into as a rental destination is Maida Vale.
Although it is on the more expensive side of London’s average rent, it is in relation to its borough very valuable. In comparison to the wider city of Westminster, Maida Vale offers significantly cheaper rental options.
The average monthly rate in Maida Vale area is currently at £3,303, which is almost half of the borough average (£6,6433).
The residential neighbourhood, with beautiful Victorian houses but also the Little Venice waterway is one of London’s most enjoyable and lovely places to live. It is most definitely worth checking out the area, despite it not necessarily being the cheapest in comparison to the other best value places to rent in London.
