Flat sharing can be a lifestyle choice for some, while others are a necessity. New research today shows which group you fall into, and which are the most expensive and cost-effective. Renting a room in a house or a room can be expensive due to the abundance of new homes built around areas like Stratford, Canning Town, and Royal Docks. These areas are also a magnet for short-term rentals, which tend to be more costly than regular tenancies. The borough’s direct DLR connections to the City and its proximity to Canary Wharf increase rental appeal. With room rates at Westminster now GBP737pcm, a room with a prime London address is only marginally more expensive per month. There are few new developments in central London such as Westminster, and there are far fewer homes available for rent as shared properties than large regeneration areas. You can get the best value by going further out. A room in Bexley could cost you GBP450 per month. A typical room in Hillingdon is GBP492 per month. Hackney’s average rent is GBP642. GBP642 is the average rent in Hackney. According to Spareroom.co.uk (a website that connects potential housemates), the number of people who live in shared homes has increased by 400% in a decade. Matt Hutchinson, Spareroom spokesperson, said that London housing has become so expensive that people are renting well into their 40s, 50s and 50s. “You also see people ending long-term relationships and returning to sharing. “Rents dropped by eight per cent in London during the pandemic, as sharers fled the grim weeks of lockdown. Hutchinson stated that this trend has now reversed and that the capital’s demand for rooms is greater than its supply. He said that this puts a lot pressure on the market and rents have been rising again. His advice to sharers with a limited budget is to search in south-east London, where rents are historically low. Renting a room in every London borough. The cost of renting a room in every London boroughLondon boroughMedian monthly rentBarking and DagenhamGBP542BarnetGBP592BexleyGBP450BrentGBP550BromleyGBP600CroydonGBP500EalingGBP650EnfieldGBP600GreenwichGBP592HackneyGBP642HaringeyGBP574HarrowGBP546HaveringGBP608HillingdonGBP492HounslowGBP550IslingtonGBP635Kingston upon ThamesGBP642LambethGBP585LewishamGBP625MertonGBP600NewhamGBP740RedbridgeGBP667Richmond upon ThamesGBP650SouthwarkGBP681SuttonGBP517Tower HamletsGBP592Waltham ForestGBP642WandsworthGBP463WestminsterGBP737Source: Valuation Office Agency, Office of National StatisticsNote: Figures include rooms in shared homes, bedsits and lodgings. Camden, City of London Kensington & Chelsea, Hammersmith & Fulham do not have any data.
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