Finding a place to live in London is known to be stressful, specially if you’re coming from abroad. With an increasing number of people moving to London from both abroad and other cities in the UK, demand for apartments is at an all time-high, while the number of houses available hasn’t been growing as fast. This means landlords can be more selective on who to accept, and worse - raise rental prices. Below we will detail all the necessary steps for renting an apartment in London, the documents you will need, and tips you should know to avoid being scammed.
Before you even start your apartment hunt in London, you should define your monthly budget. London rent is expensive, even if you live an hour away from the city centre - in fact, rent will most likely be your biggest expense.
If you don’t know how much money you should spend on rent, a good benchmark is 1/3 (or 33%) of your salary. So if you earn £3,000 per month, you should aim for your apartment to cost you £1,000 per month. If you go a little bit above this percentage mark, it’s still ok, and if you can go under, you’ve gotten yourself a great deal!
But, how much do flats actually cost in London? Well, that depends on location, size and the number of people you share it with. It’s super common to rent a room within a flat in London, and here are some general prices:
As mentioned above, prices can vary a lot, and the above numbers are for guidance only. If you want to have an understanding of the cost of living in London, try our calculator.
London is a HUGE city, with many different neighborhoods to choose from. Deciding on the location you want to live in is crucial, as it will determine the cost and quality of housing, as well as your access to public transportation, shops, and amenities. A lot of people just look for “whatever is closest” to work, but most workplaces tend to be in a central location, which will have sky-rocket rental prices. But the good news is that all of these locations will also have good tube, train and bus connections with most of the Zones in the outskirts of London.
Sign up to Matutto to read about different neighbourhoods, or for a simplified version, check out our London Neighbourhoods Blog for more information to get you started.
Finding the right property to rent in London can be challenging, but if you know your budget and have an idea of which area you want to live in, you’re in it for a chance! The most common websites to find flats in London are Zoopla and Rightmove, where you can browse through listings and reach out to landlords/agents. If you’re looking to find a room in a shared apartment, we recommend SpareRoom, and if you’re ok with getting in touch directly with the landlord without an Estate Agent in-between, you can use OpenRent.
Speaking to Real Estate Agents is also a great way of finding a place fast once you know the area you want to live in. “Letting Agents” can help you find a London rental property and assist you with the application process. They can also provide you with information on available properties that meet your preferences and budget and if you give them your contact details, they should be able to contact you as soon as the right property becomes available.
But what is the problem with that?
Well, London Real Estate Agents are known to be “busy”, and not the good kind of busy. Many will pretend to be your friends and ghost you at the first opportunity. This is because they often have 10+ people fighting for the same flat, so why would they bother contacting you? If you’re struggling with this, reach out to the Matutto team - we can help you finding a place to live in London!
So, you’ve found a place you love and you’re ready to sign the lease… But the landlord is asking you for a trillion documents! And if you don’t provide them all within 48 hours, you risk losing the Flat to another tenant. What do you do?
It’s normal for Real Estate agents and landlords to run checks on you before signing a rental agreement, to make sure the house is left in safe hands and that you’re able to afford the monthly rent. They will also ask you for documents which are required as per UK law. Although the list may slightly vary depending on the type of property, area and landlord who owns the house, these are the most common documents you need to rent:
In addition to the above, the Estate Agents/Landlords will run a background check on you and will ask for a security deposit once you sign the lease. This security Deposit can only be up to 5 weeks’ worth of rent if the annual rent is above £50,000, and up to 5 weeks if the annual rent is below £50,000.
Unfortunately, because there are a lot of people looking to rent in London, the market is very competitive, which leads to many people falling for Scams when it comes to renting. We have written an article about the 15 most common Scams when Renting in London, so make sure to give it a read before you make any payments to a Landlord or Estate Agent.
Once you have found your ideal place to live and collected all the Documents you need to rent, it’s time to apply! Simply align with the Property Manager/Estate Agent, send everything across and cross your fingers! If everything checks outs, you have found yourself a place to live!
As a side note, Landlords can sometimes make 2 requests before accepting your application:
If you want to learn more about Renting in London, Sign up to Matutto to access more resources and support from expert Relocation Advisors who can help you with your move.
