Landlords in London are collecting a staggering £1,059 more each month than in January 2013 as rents increase by 31.43% to an average of £3,369 per month.
Data collected from ‘Move with Us Greater London Rental Index’ also revealed that fastest rising incomes for landlords in the capital, after London, are Westminster and Hammersmith and Fulham. As an example in Westminster advertised rental prices have increased £433 (8.49%) since January 2013 to an average of £5,098 per month. In Hammersmith and Fulham advertised rents have increased £212 (7.99%) in the same time period to £2,655 per month.
At the other end of the spectrum, the average asking rent in Richmond fell by £76 (3.47%) to £2,184 per month. Rents in the popular borough of Camden also dropped to £3,469 per month when compared to January 2013, saving prospective tenants an average of £83 (2.4%) per month.
Robin King, director of Move with Us, said: “London truly is the land of opportunity. Landlords who invest wisely can earn good rental yields in the current market by making the most of strong demand from tenants and rising property prices.
“On the other side of the coin, tenants who conduct thorough research can still find good value for money when looking for a rental property in London. Moving slightly further afield to somewhere with good transport links into the city can prove to be a much more affordable way of living in London. Looking at property statistics, talking to local estate agents, searching online and scouring local papers can help find the best deals.”