Exploring London's Cheap Rental Neighborhoods: Affordable Options for Budget-Friendly Living

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The Insider @ Houst
Last updated on
June 5, 2023
February 6, 2024

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Exploring London's Cheap Rental Neighborhoods: Affordable Options for Budget-Friendly Living

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London's reputation for sky-high prices makes the path to homeownership daunting. Renting has become increasingly popular throughout the UK, although living in the city doesn't come cheap.

According to a study, the median rent in London for 2023 is around £2,500 per month, nearly double the UK average of £1,190. This discrepancy nearly doubles the median rent across the United Kingdom; regrettably, the figures continue to rise. Rentals London have surged by approximately 14.2% compared to 2021, while the rest of the country experienced a significant increase of 9.5%. For those seeking affordability within the city, Bexley is the most wallet-friendly area, with an average monthly rent of a mere £1,100. 

To simplify the transition, we have curated a selection of cheap rentals London. So, let’s get started.

Table of Contents

Lewisham

While Lewisham's total asking rent may be comparatively higher than other affordable boroughs, it offers many enticing features worth considering. Currently, the rent stands at £2,410 per month, which translates to approximately £602.50 per individual if each room is occupied in a shared living arrangement. Lewisham could be your ideal option if you're open to a house-share.

One of the notable advantages of choosing Lewisham is the wide variety of housing options available. From stylish high-rise London city accommodations boasting modern amenities to charming homes in suburban areas, there is something to suit every taste and lifestyle. Convenience is another key factor that makes Lewisham appealing. 

Waltham Forest

Waltham Forest offers excellent accessibility, making it a convenient choice with easy access to the Underground. The borough benefits from a well-connected network of bus routes that keep it linked to the bustling London City Centre.

Regarding affordability, this accommodation London stands out with the most affordable apartment options, while Epping Forest boasts larger Victorian homes for those seeking more space and character. If you need a house with four bedrooms in Waltham Forest, the average monthly rent is around £2,215. However, if you split the cost among multiple occupants, the individual share amounts to approximately £553.75 per person.


Hillingdon

For those searching for a four-bedroom house in Hillingdon, the average asking price hovers around £2,018 per month, equating to an affordable £504.50 per household. As the second most populous London Borough, Hillingdon boasts a notable attraction—the renowned Heathrow Airport—providing residents with convenient access to travel opportunities. It’s better for those looking for short-term London airport hotels or other accommodations. 

Hillingdon offers various housing options, catering to various preferences and styles. From charming Victorian and Edwardian houses exuding classic elegance to comfortable maisonettes and contemporary modern homes, many choices suit different tastes and needs.

With its wide array of housing options, Hillingdon presents a compelling destination and diverse community to call home.

Redbridge

Situated just a short car ride less than one hour from London, Redbridge is the second most affordable region for renting on our list. Known for its excellent schools and abundance of green spaces, it is an ideal location for families searching for a rental property.

In Redbridge, the current asking price for rooms for rent London stands at £1,630 per calendar month, presenting an attractive option for those seeking a comfortable and affordable living space. For those requiring more room, four-bedroom houses are available at an asking price of £2,014 per calendar month, providing ample space for larger families or individuals needing extra space for various purposes.

With its reasonable rental prices, reputable schools, and large green areas, Redbridge offers an enticing choice for families looking to rent. Despite its proximity to London, this region provides a more affordable living option.

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Bromley

cheap rentals in london for affordable accomodation
Source: Londoncheapo.com

Nestled in the southeastern regions of London, Bromley stands out as the 6th safest place to live among all 32 London boroughs. This area is known for its well-policed streets, and residents consistently praise its tranquil atmosphere and secure lifestyle, with notably low crime rates. Bromley has become London's top up-and-coming spot for professionals, young couples, and families.

What sets Bromley apart is its unique blend of urban chic and rural charm, with approximately 30% of the area consisting of farmland. This combination creates a distinct ambience that appeals to many residents. Moreover, Bromley offers excellent transportation options, convenient amenities, and many affordable housing choices.

With a quick 16-minute commute to London, Victoria, via Bromley South, residents enjoy easy access to the city's heart. Bromley boasts favourable connections to other parts of the country. The area showcases an array of stunning properties featuring impeccable finishes, sleek modern designs, and spacious kitchens, all near the town centre.

Sutton

Sutton is the 80th largest local authority in England by population. This borough is renowned for its tranquillity, featuring a delightful blend of charming period housing and picturesque green spaces. Sutton is ideal for families, thanks to its respectable crime rates and family-friendly atmosphere and cheap rentals London.

Despite its peaceful nature, Sutton offers convenient access to central London, with a mere 45-minute journey via superb bus and metro train links. This accessibility allows residents to enjoy the best of both worlds—the bustling city life and the serene surroundings of Sutton.  Sutton's outdoor offerings are equally impressive, with abundant outstanding public spaces. The borough boasts a remarkable 1,500 acres of open space, including a vast regional park, providing ample outdoor recreation and leisure opportunities.

Barking and Dagenham

For those searching for affordability, Barking and Dagenham emerges as another budget-friendly borough for renting in London. An average asking price of £1,799 per month for four-bedroom homes translates to a mere £449.75 per person per month when divided among occupants. Such prices make it an attractive option for individuals or groups looking to share the cost.

Barking and Dagenham offer diverse housing options, from modern apartments to traditional terraced houses. With such variety, prospective renters have a wide selection, catering to different preferences and lifestyles. It is worth noting that most residents in the borough opt for renting, highlighting its popularity among those seeking affordable housing solutions.

Croydon

cheap rentals in london for affordable accomodation
Source: Rentlondonflat.com

Situated in south London, Croydon is renowned for its vibrant atmosphere. One of the distinctive features that set Croydon apart is its impressive street art scene. This has attracted many young people to the area, adding to its dynamic and creative energy.

Croydon benefits from its proximity to central London, with a 15-minute commute to London Victoria and just 11 miles away from London Charing Cross. This accessibility makes the heart of the capital easily accessible for daily commuters.

The borough offers diverse dining experiences, from restaurants to cocktail bars, pubs, and clubs. Many of these establishments are housed in period buildings, showcasing the area's rich history. In addition to its vibrant social scene, Croydon boasts excellent educational institutions, including renowned schools and colleges like Croydon College. Croydon College is the only further education college awarded the Queen's Award for Voluntary Service, highlighting its commitment to community engagement.

Havering

In Havering, you can find four-bedroom houses at an affordable asking price of just £1,875 per month, allowing you to save significantly. This makes Havering an attractive option for individuals or families looking to manage expenses. With a convenient commute time of approximately 1 hour and 10 minutes by car to the London City Centre, it offers an ideal location for daily commuters. Additionally, the area provides easy access to train services, further enhancing its connectivity.

Havering is renowned for its diverse culinary scene, offering a wide range of eateries serving delicious food. One of Havering's notable features is its abundance of green spaces and parks, earning it the distinction of being the capital's greenest area. This makes it an ideal haven for nature enthusiasts and those with pets, offering ample outdoor activities and relaxation opportunities in a natural setting.

Bexley

Claiming the top spot on our list, Bexley is the most affordable borough for renting within London, with the average monthly rent for one-bedroom apartments at a reasonable £823. It is an ideal destination for individuals or families looking to relocate to London while working within a limited budget. The housing options in Bexley are diverse, ranging from cosy apartments to expansive period houses, offering something for everyone.

For commuters, Bexley provides convenient transportation options. For those seeking larger living spaces, Bexley offers four-bedroom homes at an average asking price of £2,025 per month, which amounts to an affordable £506.25 per person per month when divided among occupants. This makes it an enticing option for individuals or groups looking for spacious accommodations without breaking the bank.

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Conclusion 

If you're looking for affordable rentals in London, several boroughs are top choices. Bexley leads, offering the most affordable rents, particularly for one-bedroom apartments. It's closely followed by Havering, where four-bedroom houses can be found at attractive prices. Whether you're a young professional, a family, or someone on a limited budget, these cheap rentals London offer comfortable living spaces. Visit Houst Blog for more rental guides!

The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

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David
Account Manager

"I have a philosophy in life called keep it simple. I don't live to work, I work to live. This is the first time I've leased this property on Airbnb. A house allows me to have vision of all the revenue and all the expenses associated with the apartment. They work as a well-oiled machine. They strive very hard to keep both myself and the tenants happy."

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Professional Landlord

"Honestly, if I didn't have Houst, I don't think I'd have this house anymore. With Houst's help, I can focus on my busy life while they manage my Airbnb listing. Guests call this place the 'magic cottage', and Houst makes it possible to share its special charm without any stress."

David
Account Manager

"I have a philosophy in life called keep it simple. I don't live to work, I work to live. This is the first time I've leased this property on Airbnb. A house allows me to have vision of all the revenue and all the expenses associated with the apartment. They work as a well-oiled machine. They strive very hard to keep both myself and the tenants happy."

Jules
Sales Director

"Honestly, if I didn't have Houst, I don't think I'd have this house anymore. With Houst's help, I can focus on my busy life while they manage my Airbnb listing. Guests call this place the 'magic cottage', and Houst makes it possible to share its special charm without any stress."

I hope you enjoy reading this blog post!
If you want my team to just manage your Airbnb for you, just book a call.
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