Demand for rental property in East London is increasing
Great news for landlords in East London. Average rent prices in this part of the city are now standing at £1,241 per month. Rental growth is biggest here at the moment. The average cumulative growth since 2012 stands at 21.4%.
The biggest growth has been seen in the Barking & Dagenham area where an impressive 27.66% growth has been recorded. Next on the list are the areas of Waltham Forest with 23.56% and Bexley with 22.02% growth. While the East is growing in popularity it still remains great value for tenants in the greater scheme of things.
Rent prices in east London are racing ahead of west London in growth
These figures are telling us that times have changed in London. The conventionally popular West London boroughs have dropped down the growth scale. Monthly rents in the area are now coming in at an average of £1,456. This is an average growth of just over 10%.
The bulk of West London boroughs have actually seen a fall in rental prices in recent years with inflation taking it’s toll on the market overall. Westminister, which has always been a popular area to rent in, has taken a hit of late. So too has Chelsea. The new rental population want value for money and aren’t afraid to look in other areas to find it.
Renting offers flexible & fluid living for tenants
There are many advantages to renting in East London. This is definitely an era of more adaptable living. Renting makes this possible. Moving jobs or changes in contracts can leave you feeling stressed and exhausted if your commute now takes double the time. Even with new infrastructure and faster than ever commutes people want the ability to move on if and when they are ready.
Renting is definitely more flexible and with the ongoing regeneration East London is a very attractive place to live in. Most East London boroughs have made it into the top 10 rental growth areas. There is no doubt who is winning the rental race in London currently.
Interested in renting or letting in E16?
If you are looking for investment opportunities in the area or would like to rent in East London, give our team in Royal Docks a call. They have a superior knowledge of the area and would love to help you with your enquiry.