London is the most expensive European capital to rent
London tenants pay around £ 1,500 a month to live in the city.
London is the city with the highest rental price of any capital city in Europe compared to the national rental cost in each nation, according to the latest research from the Spotahome rental market.
Spotahome analyzed the cost of renting in each city in the EU and UK and how it compared to the cost of renting in the nation as a whole, to find out which cities had the highest rental price in a capital.
On average, the research showed that renting in a capital city would cost €860 per month, 35% more than renting nationwide €635).
In London, however, the rent reaches 133%, and tenants pay €1,912 per month compared to the broader UK cost of €820. Paris is close behind when it comes to the rental price of the capital city, with tenants paying €1,149 per month compared to the broader cost of € 664 in France, which equates to a difference of 73%.
Stockholm is the city with the highest capital city rental price, with the average monthly rent in the city 59% higher than the current average across Sweden.
Nicosia, the capital of Cyprus, is the only city that has a lower rental price than the country as a whole. At €499 per month, the city is -9% more affordable than the average rental cost in Cyprus (€549). Although still more expensive than the rest of the country, Luxembourg City (3%), Riga (14%), and Brussels (16%) have some of the lowest rental premiums in the capital.
“Renting in the capital will always be expensive.”
Nadia Butt, Spotahome Country Manager for the UK and Ireland, said: “Opting to rent in almost any capital will always come at a higher cost due to strong demand for properties and the often limited availability of housing.”
“This is driven primarily by those who move for work, as these cities generally host a higher level of job opportunities, as well as being some of the best places in the world to live.”
“The good news is that while it may cost more to rent, the returns on offer are higher and this helps to resolve the balance. Take London, for example. The city is home to the highest rental premium by comparison. With the nation at large, however, our previous research has found that the cost of living has dropped as a result of steady wage growth.”
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