Get a room! (If you can afford one): Tenants need £683 a month on average to rent a ROOM as Londoners pay most at £952 a month
- Average cost of renting a room in Britain reaches a record of £683 a month
- Londoners pay the biggest average amount for a room at £952 a month
- There is no London postcode with an average monthly room rent under £700
Tenants face an eye-watering average price of £683 a month to rent just a room, with Londoners typically paying the most at £952 a month.
New data from house share website SpareRoom found that room rents have risen 10 per cent or more in every region across Britain.
At £952, the average room rent in London has seen the biggest percentage increase, up 20 per cent in a year.
It compares to a national average of £683 a month to rent a room, which is an increase of 15 per cent in a year.
The most expensive regions in Britain to rent a room have been revealed, with London top of the list
The London postcodes with the biggest increases in the cost of renting a room in the past year include WC, NW and E. They have climbed 21 per cent to £1,250, £965 and £926 respectively.
And for the first time ever, there’s not a single London postcode with an average monthly rent of less than £700.
Even traditionally cheaper areas such as Abbey Wood – with a postcode of SE2 – are becoming more expensive.
SpareRoom suggested this is partly due to the relative affordability of such areas, but also as a result of better transport links, including the Elizabeth Line.
The number of London postcodes where the average room rent is more than £1,000 a month has more than quadrupled in the past year.
There are now more than 30 postcode regions where the average is £1,000 or more, and Chelsea passed the £1,500 mark for the first time.
Meanwhile, the average price of renting a room in Britain rose by 15 per cent in the first three months of this year, compared to the same period in 2022.
The North East and North West regions saw the biggest rent increases year-on-year after London, both up 16 per cent when comparing the first quarter in 2023 with the same period a year earlier.
Pictured: London’s Kingston-upon Thames is among the most expensive places to rent a room, with an average of £793 a month
Matt Hutchinson, of SpareRoom, said: ‘Although demand for rooms has fallen since the record highs at the end of 2022, it’s still above pre-pandemic levels.
‘Combined with higher interest rates and an increased cost of living, that’s continuing to push rents up.’
He added: ‘Demand is likely to fall a little over the course of the year, but unless something is done to stop the continuing decline in rental supply, things aren’t likely to improve much for renters.’
Pictured: Raynes Park is one of the London postcodes where room rents have increased the fastest in the past 12 months
It comes as HomeLet revealed the average rent in Britain reached £1,184 in March, up 0.8 per cent on the previous month.
However, when London is excluded, the average rent in Britain is £993 a month, up 1 per cent in a month.
Andy Halstead, of HomeLet & Let Alliance, said: ‘With every region of the country reporting a month-on-month rental price rise, it’s fair to say that demand for rental properties remains exceptionally high.
‘It had been interesting to observe a few months of decreased prices in London, but the capital appears to have recovered from a slight dip, in line with rises across the country.
‘The lack of available properties means that the market is likely to continue to be very competitive, so landlords must remain vigilant, and tenants should be aware that finding a suitable property is proving to be a tricky task for many.’
Pictured: Croydon is among the most expensive places outside of central London to rent a room, with an average of £777 a month
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