A study of 23 European cities for the first quarter of 2024 has examined the most expensive cities to rent to discover that they continue to be found in capital cities such as London and Amsterdam.
German data analytics company, Statista carried out the study analysing property markets in cities including, Paris, Amsterdam, Berlin, Helsinki, Lisbon, Athens, Rome and Milan using the variable of the rental cost of furnished one-bedroom flats to rent. Amsterdam claimed the priciest city to rent a one-bedroom flat costing €2,275 a month to rent. While more expensive than its European neighbours it still is on average almost €1,000 a month less than renting in London. Other Dutch cities of Rotterdam, Utrecht and The Hague also featured in the top ten most expensive cities to rent with monthly rates in Rotterdam at €1790. Tourism capitals, Rome and Paris were next most expensive to rent with renters in Rome having to part with with €2,000 a month to live in the Eternal City. Renters in Paris meanwhile was slightly less at just under €1900 a month.
London rental properties still one of the most expensive places to live
No. 1 UK property website, Rightmove has released a report based upon properties advertised for rental between July and September 2024. The analysis of average rents in various capital cities in Europe, research has it that the upward trend of rents has continued making cities increasingly expensive places to rent.
The Rightmove report studied all available rental properties from bedsits, flats to large homes in London are averaging €3,220 a month, which is a 2.5% increase on last year’s rental prices. Unsurprisingly this makes London one of the most expensive places still to live in Europe. Landlords are facing extra pressures due to higher mortgage interest rates, higher maintenance costs and regulations which are reflected in higher rental asking prices passed onto prospective renters.
More affordable European cities do exist
Spanish capital, Madrid was substantially more affordable than London and Amsterdam with rents averaging at € 1494 a month. This was just a fraction below the monthly average rental cost of €1500 in Berlin. At the lower end of the scale, Greek capital, Athens on the Mediterranean coast costs €1000 a month to enjoy the cultural city while the least expensive city was Budapest, costing €950 a month to live in Hungary’s capital city.
