Westminster most expensive borough to rent in
Westminster is the most expensive borough in London to rent property in, lettings and sales agent Benham and Reeves has found.
The most expensive property listed in the borough is a five-bed penthouse at £260,000 per month.
This was followed by a seven-bedroom penthouse in Kensington and Chelsea at £173,333 a month.
Camden ranked third at £140,000 a month for an eight-bed detached house.
Marc von Grundherr, director of Benham and Reeves, said: “The cost of renting can vary drastically by borough and this is the case even at the very top end of the market.
“However, while some of these monthly sums may seem ludicrous to the average London tenant, it does demonstrate how renting is becoming more of a life choice rather than something we are forced to do.
“When you think of renting in London you think of shoebox studio flats with barely enough room to swing a cat, but this simply isn’t the case.
“There are so many outstanding rental properties of all shapes and sizes and we are seeing more and more people from all walks of life, choose to rent rather than to buy.
“Not only does it allow us to live where we may otherwise be unable to buy, but it provides a degree of freedom and flexibility that everyone from working professionals to families are starting to lean more towards.
“As a result, we’re seeing a wider range of properties appear on the rental market to satisfy this demand and the London buy-to-let market continues to be a profitable business despite attempts to dampen the financial return via stamp duty increases and other changes to legislation.”