New research claims to show the rent gap between lets in London and those in suburbs up to an hour from the capital’s centre.
PropTech platform Rentd, which conducted the study, says tenants can more than halve their rental outgoings by spending more time on the train.
Currently the average cost of renting in London sits at £1,597. However, this climbs to a hefty £4,975 per month for rental homes within 15 minutes of the centre.
But by opting to take a train 15 minutes further out of town, the capital’s tenants can reduce their rental costs by £1,746 per month on average, paying £3,229 to rent within 30 minutes of central London – a 35 per cent reduction.
Opt to rent a 45 minute train ride from the city centre and this monthly rental cost falls further still, with the average tenant paying £2,599, a further 19 per cent reduction and a saving of £629 per month.
However, for those who look even further afield for rental affordability, living an hour outside of the city centre will see them save the most.
The average cost of renting 60 minutes from central London currently sits at £2,210 per month. That’s 15 per cent less than the cost of renting 45 minutes from the capital and a monthly saving of £390.
It’s also a huge 56 per cent more affordable than renting just 15 minutes from the city centre, allowing tenants to reduce their rental outgoings by £2,765 per month.
Rentd chief executive Ahmed Gamal says: “With the cost of living starting to climb, the capital’s tenants will be understandably worried about the year ahead and, for the vast majority, the rent they pay will be the most significant outgoing they have to cover.
“At the same time, a return to post pandemic normality is also driving rental value growth within central London, in particular, so the capital’s tenants must once again find that balance between location and cost.”