London most expensive rental location in Europe – ECA International

The monthly rent paid by professionals in London is £3,693 more expensive than the average in the rest of Europe, according to data from ECA International. In fact, the average monthly rent of £5,398 is also almost four times more expensive than the average rent in other major UK cities, the research finds.

Although the average London rent is the most expensive in Europe, the fall in the value of sterling has caused the city to drop down a position in the global league table to 5^th, overtaken taken by Port Moresby in Papua New Guinea.

• Dublin experienced one of the highest rises in rent, entering the top ten most expensive cities in which to rent for the first time.
• Aberdeen experienced the greatest fall in rents, as the downturn in the oil and gas industry meant that many employers pulled their expat staff out, resulting in a 16% downturn.
• Hong Kong remains the most expensive place in the world to rent, averaging around USD 10,461 a month for a mid-market three-bedroom apartment.

Alec Smith, Accommodation Services Manager at ECA International, said:

‘In London there is still a large amount of uncertainty in the financial sector in the light of the Brexit vote. It remains to be seen whether financial regulation in the City is likely to change much post-Brexit.’