Which cities are among the most expensive to rent a home in Europe?

Average rents in London reached a quarterly record of 2,694 pounds (3,220 euros) per month, 2.5% more than last year, according to a new report. The data, from the British real estate portal Rightmove, is based on a analysis of more than half a million properties advertised for rent on the website between July and September 2024.

The average price calculation is based on asking rents for all properties, from one-bedroom apartments and flats to multi-bedroom houses.

Taking these variables into account, London is still one of the most expensive places to live in, with rents that exceed those of comparable European countries. Rightmove calculated that the average rent in the most desirable areas of central London was an exorbitant £3,175 (€3,795), while prices on the outskirts of London were more modest at £2,341 (€2,797).

Tim Bannister, director of Real Estate Science at Rightmove, told ‘Euronews Business’ that shockingly high London rents They are the result of a series of economic factors.

The challenges tenants face

“Many landlords face higher costs in the form of mortgage rates, maintenance and compliance. The increase in average advertised rents also reflects the Challenges Tenants Faceas they are asked to pay more in a market that remains very competitive, despite some improvements in the offer.

“As we approach the fall budget, many homeowners are evaluating their future in the market, and some may choose to exit the market due to the pressures they face“, said.

How do London rents compare with those of its European rivals?

The German data analysis company Statista examined rental prices in 23 major European cities during the first quarter of the year to determine which are the most expensive places to rent.

Cities such as Milan, Paris, Amsterdam, Berlin, Lisbon, Helsinki, Athens and Rome (but not London) to determine how much it costs to rent a furnished one-bedroom flat.

After crunching the numbers, Statista researchers identified Amsterdam as the most expensive zip code to rent a room in the European Union. With prices reaching 2,275 euros per month, the Dutch city, although more expensive than its continental neighbors, was almost 1,000 euros a month cheaper than renting in London.

Cities of high culture and romanticism among the most expensive

After Amsterdam, Rome and Paris They were the most expensive places to rent among the nations surveyed. Tenants would have to shell out 2,000 euros a month to live in the Eternal City, while those who wish to follow in the footsteps of ‘Emily in Paris’ will have to find 1,862 euros to rub shoulders with Parisian fashionistas.

The Dutch cities of Rotterdam, Utrecht and The Hague They were among the 10 most expensive places to rent. Rotterdam, with rents of 1,795 euros per month, came fourth on the list, closely followed by The Hague, in fifth position, with monthly rents of 1,790 euros.

Utrecht was moved to sixth position by Munich, with a rent of 1,770 euros per month, ahead of the 1,746 euros monthly of its Dutch rival. The historic Italian cities of Bologna and Florence They occupy 11th and 12th places on the list, with rents of 1,600 euros per month, the same as Prague.

The European capitals, Madrid and Berlinwere considerably cheaper than London and Amsterdamwith rents of 1,494 euros on average in the Spanish city and 1,500 euros in the German capital.

The cities with the best quality-price ratio charged around 1,000 euros

Budapest, Athens and Turin were the most affordable places to rent among the 23 cities surveyed. Budapest took the title of the cheapest rents, with monthly payments that barely touched the threshold of 1,000 euros.

Hungarian tenants would have to pay 950 euros per month to live in the country’s capital. Athens, the Greek capital on the shores of the Mediterranean, charges 1,000 euros to enjoy its many charms, while the Italian city of Turin is not far behind, with an average rent of 1,100 euros.