One thing every investor should do before buying a property is look at rent rates in the local area. This can help to give a rough idea of how much you could expect to earn on a monthly basis. However, it is also a good idea to look at demand and the type of tenant. You may also want to consider working with us and choosing the best guaranteed rent Ealing can offer. It can be the most effective way to guarantee you get a rental income.

London’s record rents

Most people know that London is the most expensive place to rent in the UK. In fact, it is often on the list of top ten cities in the whole world for renting costs. The latest data from Rightmove showcases this.

The headline figure from the data is that the average London rent hit £2,257. This is a new record high. It also comes after average growth of 15% in the last year.

If you look at the average rates per borough, the figures are even more incredible. They showcase why some areas are not affordable for the majority of renters.

According to data for April, the two most expensive boroughs for average rent are massively ahead of the average for the city. First is Kensington and Chelsea with an unbelievable £3,960. The City of Westminster is close behind at £3,870.

At the other end of the list are the most affordable areas like Havering, Bexley and Hillingdon. The average rates here look much better for renters at £1,170, £1,200 and £1,210 respectively.

Why is rent so high?

As one of the leading names for guaranteed rent Ealing has, we often get queries from clients. Some ask us why rent rates in the city are so high. There are a number of reasons for them.

Firstly, there is simply such a huge gap between supply and demand. It will take a very long time for this to narrow, even with so many projects to boost supply within the boundaries of Greater London.

London is an international city that brings together the best of almost every world, from finance to tech, education to leisure. That means a lot of people want to live in the city. There is especially high corporate demand for rental homes. The student rental market is also huge.

With expensive house prices making it hard to buy, there is even more demand from renters. Often it is the only option remaining, or live outside the city and commute.

Will it continue?

As we said above, it will take time for housing supply to bridge the gap to demand. So, the estimation is that rents will continue to rise in London, even if there is cooling elsewhere in the UK. In fact, Rightmove is predicting another 8% increase in rents before the end of 2022.

Ask us about guaranteed rent in Ealing

Now you may be thinking that with huge demand and high rental rates that it is clearly the best option to be a private landlord. However, private sector leasing schemes are still an exceptional alternative. They can give you a guarantee on your rent, no-cost management, and more.

If you do want to give this kind of option a try, we are the perfect partner. We stand out as the best name for guaranteed rent Ealing has for several reasons. Firstly, we have an ongoing relationship with the council. Secondly, we can help with all of the arrangements and provide additional levels of support.

So, contact us today if you want to learn more.