Did you just move or want to London, and you’ve been trying to settle down to an apartment, but they all seem expensive? Hence the question, “Why is rent in London so high?”
Perhaps you are still trying to count the cost of moving to London, and you’re finding out that rent in London is high.
In this blog post, I’ll discuss why the rent in London is high, and how you can help yourself get something cheaper.
Why is Rent in London so High?
Here are salient reasons why rent in London is high:
1. Demand increased after Covid-19
One thing that demands does to cost is that it increases it.
After Covid-19, people started moving into London, for jobs and as family. So, the need for homes increased.
This in turn increased the price of rent in London.
2. Cost of living
It’s a known fact that London is a very expensive city. London is one of the top 20 most expensive cities to live in, in the world.
Things are expensive in London. This affects the cost at which houses are built.
Do you know what that does to the cost of houses? Of course, it increases it. The investor wouldn’t want to run at loss, by not putting a price beyond the cost of the house.
This will also increase the rent price because people won’t be willing to buy the houses being built and sold for high prices.
The next option is to rent a house, which will definitely increase the demands, which in turn increases the price of rent.
3. Not enough houses are being built.
Since there is more demand on needs for houses, it’s only logical that more houses are built.
But more houses are not being built, so the available houses are being bombarded by the demand, increasing the price.
4. Everybody is trying to go to London
Majorly because of the offer and opportunities situated in London, many people are trooping into London. The available and common housing option among these people is mostly renting. You can expect that the incoming traffic is going to ramp up the demand of houses in London, and you remember what was discussed earlier about the effects of the increase in demand on the cost of the rent.
How to Get Cheaper Rent in London?
Here are ways you can subsidize how much you spend on your rent in London:
1. Consider the outskirts of the city locations
I am not insinuating that you go outside of London to get your rent. If you are still looking to get a job or your job is not at the heart of the city, or you work remotely, you should consider getting a house at the outskirts of the city.
It is normal for the rents of houses at the heart of a city like London to be way expensive. You can cut down your expenses by getting your rent in one of the houses outskirts of the city. You should also consider cost implications on your transportation, feeding, etc.
If by cost implication, everything makes your living cost ramp up to something equal to if you are living at the heart of the city, just do what works and pays you.
2. Consider shared accommodation
You can share accommodation with another person to cut down the cost implication of rent in London. If you are a student, it can be easy to get someone who will be willing to share accommodation with you. You can get someone like this on the campus forum or any group where your college/university students get to be. You can throw your need for a roommate to an online community, you sure will get someone interested.
If you are not a student, you can just person-to-person enquiry, telling people to inform you if there is someone who needs a roommate or a flatmate. That might be slow, though. There are Facebook groups where you could just get someone who might be interested, just that you guys might have so much not in common.
3. Consider other rent options
If you have been looking to get a whole flat, and it seems expensive for you, you can consider other lesser renting option that fits your budget perfectly.
There are many reasons why rent is high in London. I hope you got them, and found a way around the high rent.