A five-bedroom penthouse in Westminster for £281,000? This may sound like a bargain until you realise the price is actually for a month’s property rental, not the purchase price. That’s right, renting this stunning apartment on London’s prestigious Park Lane in Mayfair for one calendar month costs significantly more than the average price it costs to buy a UK property of £232,710* and is the highest-priced residential property rental in London right now.**
Admittedly, the 4,822 sq. ft, high specification penthouse apartment at Grosvenor House does boast a wrap-around terrace offering stunning views of Hyde Park, as well as luxury hotel-like services such as a 24-hour concierge, round-the-clock room service, a residents-only gym, a daily maid service, valet parking and more, so it was never going to come cheap!
Next up in our search for London’s most expensive property rentals, we found a slightly more reasonably-priced five-bedroom fully-serviced penthouse in another Park Lane development offering a whole host of luxury benefits including a luxury welcome hamper on arrival, complimentary Wi-Fi, 24-hour room service, a residents-only air-conditioned gymnasium with use of a personal trainer, valet parking and more, all for the slightly more modest cost of £216,600 per calendar month (PCM).
The interior too dark for you? Don’t despair, we have found you a totally dreamy, cream and warm beige-toned 9,215 sq. ft apartment boasting magnificent views of both Knightsbridge and Hyde Park. As you’d expect for the price, the building this impressive flat is housed in offers an exception range of amenities such as a luxury spa, a 21-metre ozone pool, a gym, squash courts, a resident’s lounge, private cinema and a virtual gaming room to boot, all for the ‘knock-down’ price of £173,333 PCM (£40k per week).
Changing boroughs – but not the price tag – you can rent this superb seven-bedroom penthouse in Knightsbridge in the borough of Kensington and Chelsea featuring six outdoor terraces, a cinema room, gymnasium and 24-hour porter service for £173,333 PCM.
This small selection of some of London’s most expensive London rental properties is, of course, found in the City’s most prestigious boroughs, however other more unexpected boroughs also command some of the capital’s most exclusive prices.
For example, London’s trendy borough of Camden is also home to one of London’s most expensive property rentals costing £151,000 a month, but for that money, you do get an eight-bed detached house and a swimming pool.
Inspiring our hunt for London’s most expensive property rentals was some new research by London lettings and sales agent, Benham and Reeves comparing how the most expensive rental properties in London vary by borough.
From penthouses to gated detached homes, ranging between a modest three-bed property to an extremely spacious 11-bedroom home, with a price jump of 8567% between the most affordable and the most expensive borough, Benham and Reeves looked at rental properties listed on the major portals, noting the most expensive rentals for each borough to highlight how even the most expensive rental properties can differ massively in price, size and style across London’s diverse rental market.
Sporting a completely different style of property altogether, Barnet was the last borough where Benham and Reeves’ research found the most expensive rental property exceeded the £100k mark, with a four-bedroomed converted chapel with seven acres of land, listed for £104,000 per month.
If you prefer a river view, the most expensive property the letting agent’s research found in Lambeth offers far-reaching views of the River Thames taking in the London Eye, Lambeth and Westminster Bridges and beyond and is listed at £36,000 per month.
Or if a more spacious place is on your wish list then you may like to rent an 11 bedroom detached home in Hounslow for £14,000 per month, or a seven-bedroom refurbished Victorian mansion in Greenwich for around £32,000 PCM.
The research did also find some more affordable property rentals, for example, this semi-detached property in Sutton with eight bedrooms; and while it’s the most expensive rental property listed in the borough at the moment, it’s the cheapest across all boroughs costing just £3,000 per month to rent.
Director of Benham and Reeves, Marc von Grundherr, commented:
“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.
“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.”
* according to the land registry house price index.
**property rental prices correct at time of writing
Images courtesy of Knightsbridge Estate Agents and Mark Tunstall Property on rightmove.co.uk and Li Yang on Unsplash