The rental market is an ever-changing environment, constantly effected by the season, economy and local politics amongst other factors. Whether you’re looking to rent in the suburbs, the city centre or in a sleepy little seaside village, it all makes a difference in the price of the properties. To prove just how much location can affect the rental price, Easyroommate has taken a look at how much £700 can get you in different cities around the world.
London:
As the capital city of England and a constant hub of activity, rent in London is known to be sky-high, even at the best of times. According to Easyroommate, you’re unlikely to find anything within Zone 1 with a budget of £700 per month, but plenty of rooms can be rented just outside of the city centre. With the average rental price for a one-bedroom apartment averaging at £1,250 per month, £700 per month in London is only going to cover rent for a single room as opposed to a whole apartment.
Paris:
For being one of the most popular cities in Europe to settle in, the Parisian rental market is fairly well-balanced. Working out at about 15% cheaper to rent than London and fairly similar in price to the rental market in Copenhagen, £700 (801€) a month could get you a one-bedroom apartment just outside the city centre or a single room in a flat in a more centrally-located area.
Berlin:
The capital and the largest city in Germany, Berlin is a popular European city to live in. Rental prices are luckily not as high here as in other European capitals, being 30% cheaper, on average, to rent a one-bedroom apartment in Berlin than in Paris and up to 20% cheaper than similar properties in Rome. For £700 (801€) per month, a single bedroom flat in the city centre is definitely achievable.
Barcelona:
As the sixth most populous urban area in the EU, the market for renting is very popular in the Spanish city of Barcelona. For about £700 (801€) a month, you can afford to rent a one-bedroom apartment in the city centre, with £600 per month being enough for a property slightly further out.
Manchester:
Although renting in a big city like Manchester is still expensive, it generally pales in comparison to down south in the capital. As of March 2018, rental prices both within the centre of Manchester and the outskirts are just over 50% cheaper than similar properties in London. For about £700 a month, Easyroommate can help you find a one-bedroom flat in the city centre, whereas a one-bedroom flat in the suburbs will cost you about £550 per month.
Sofia:
The most affordable capital city on our list, Sofia, Bulgaria, is incredibly affordable. For £700 (1,568 Bulgarian Lev) a month, you could easily rent a sizeable three-bedroom flat in the city centre and still have £200 left over. To put that in context, renting in Sofia is, on average, 182% cheaper than renting in Tokyo and a whopping 479% cheaper than renting in London.
New York:
Known worldwide for its extortionate cost of living, £700 (US$994) per month is unlikely to get you much in the centre of the city. Like London, this amount of money is only going to be enough to rent a single room on the outskirts, as the average rental price for one-bedroom flats in the inner city is around £2,530 (US$3,553) per month. Believe it or not, New York doesn’t have the highest rental rates in the US – San Francisco has now taken that title, thanks to the boom of the tech industry.
Beijing:
With a relatively low cost of living in comparison to European cities such as London, Manchester and Paris, £700 (6,237 Yuan) can get you a one-bedroom apartment in the centre of Beijing, with a similar property on the outskirts costing about £400 a month. In comparison with other Asian cities, renting in Beijing is, on average, 25% cheaper than Tokyo and over 150% cheaper than both Singapore and Hong Kong.
Sydney:
Over the last decade or so, prices in Sydney have grown extensively, so much so that, on average, it is only 10% cheaper to rent there than in London. For £700 (AUS$1,285) a month, you are likely only going to find rooms – as opposed to entire apartments – to rent, the majority of which will be on the outskirts of the city.
Tokyo:
Somewhat more expensive than its Chinese counterpart, the thriving Japanese capital of Tokyo has a booming property market. With the average rental price for a single-bedroom apartment being £1,100 a month, £700 (104,424 Yen) is most likely to get you either a single room in the city centre or a one-bedroom apartment a bit further out.
As made apparent by the figures above, currently £700 a month is only going to go as far as a single room in many major cities, although one-bed apartments are certainly attainable in places like Barcelona, Berlin and Sofia. At the end of the day, there are always going to be cities that are cheaper or more expensive than others, but you need to weigh this cost with other factors such as the cost of living, available amenities and how much you actually want to live in said location. Luckily, Easyroommate is here to help you find the perfect place for you, no matter the budget.
