With many in the capital avoiding public transport and seeking alternative travelling arrangements to get to work, demand for rental properties within reasonable walking distance of the city has risen sharply.
Newly released research from lettings management platform, Howsy, reveals the cost of renting across the capital’s walk to work hotspots, as well as which offer the most affordable option for tenants looking to shun public transport when finally returning to work.
The firm looked at the cost of renting across 20 areas of London that offer a stroll into the City of London taking an hour or less and found that across these 20 locations the average cost of renting is £2,001; 18% higher than the current London average.
According to the findings, the least affordable walk to work rental hotspot is Mayfair, with an average rent of £2,786 per month making it 64% more than the London average.
Charing Cross (£2,710) also ranks high for rental costs coming in 60% above the London average, with Shoreditch (£2,683), Euston (£2,194), Vauxhall (£2,186), Clerkenwell (£2,139), Lambeth (£2,097) and Holborn (£2,066) all coming in above £2,000 per month.
If you’re looking for an affordable walk to work rental location, Mile End is home to an average rent of just £1,494; less than an hour’s walk to the City of London and -12% more affordable than the London average.
Camberwell (-2%), Bethnal Green (-1%), Cambridge Heath (-1%) and Hoxton (-1%) are also home to a marginally more affordable rental cost compared to the London average and all within an hour’s walk of the city.
Calum Brannan, founder and CEO of Howsy said, “Traditionally, London’s more affordable peripheral locations were in high demand amongst tenants looking to commute into the city centre, but with the ongoing threat of the Coronavirus, this could be about to change.
“While many of us will continue to work from home, we could well see an increase in demand for rental properties within walking distance of the capital’s major work hubs, as Londoners look to avoid the confined spaces of public transport.
“For landlords, this could well become the ‘new selling point’ when listing their home and could take over from the appeal of a nearby transport hub. Only time will tell how working habits will change due to the pandemic but for now, a walk to work rental certainly provides strong appeal for those looking to rent or invest in a buy-to-let in London.”
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