Renters In London Face Crisis, Average Rent Hits A Record Rs 2,50,000 Per Month

The British capital has always been an expensive city for housing, but media reports indicate that landlords are now demanding record rents of Rs 3,000,00 in London, and prices could rise even further. In London, where many people are already battling to balance living expenses with growing electricity rates, this news could be worrisome for common people.

According to a Telegraph report, rent in the capital also reached a record average high of Rs 2,50,000 a month in the fourth quarter of last year, with inner London rents surpassing Rs 3,000,00 for the first time, according to the latest figures.

"Last year saw the second-highest annual rent growth ever recorded, with average rents for newly listed properties up 9.7 percent outside London. This comes after 2021 saw the largest year-on-year increase of 9.9 percent," the news outlet reported, citing the property portal Rightmove.

"Landlords will need to balance any rent rises with what tenants can afford to pay in their local area to continue to find tenants quickly and avoid any periods where their home is empty due to tenants not being able to meet the asking rent," said Rightmove's director of property science, Tim Bannister.

"There appears to be some more property choice for renters compared to the record low levels of last year, which would slightly ease the fierce competition to secure a home."

The rent rates are so high that some people are using it as a side hustle to make extra money. A few days ago, a report in Metro News stated that a London banker has made Rs 7,000,00 from renting out two unused parking spaces at his home in Dalston, east London, for six years. He advertises the spaces monthly for Rs 10,000 and all he has to do is list them online.