East London has four times more rooms to rent than any other London district, according to figures released by flat and house share website Spareroom.co.uk.
Top of that list is Canary Wharf and the Docklands, within the E14 postcode, with almost 9,000 rooms listed, at an average rent of almost £800 per month.
That’s closely followed by Shoreditch and Whitechapel in E1, with nearly 8,000 rooms on offer.
There are a large supply of rooms for rent at £760 a month, which according to SpareRoom.co.uk is because those who bought very cheaply, when industrial buildings were first carved up into fashionable loft-style apartments, remain attached to the area and prefer to rent out rather than sell.
Meanwhile, supply is lowest in St Paul’s and Aldgate, which have the fewest rooms for rent of any London postcode.
SpareRoom.co.uk director Matt Hutchinson said: “If you’re looking to rent in an area of high supply, you’ll typically have more bargaining power - plus rents tend to remain more steady.
“East London has undergone major regeneration in recent years, both in terms of housing and much improved transport links. As a result, some of the historically cheap areas of the city are now becoming the most desirable.
“Plus, in parts of the capital, where planning regulations have allowed developers to build upwards, higher-rise housing means greater density.”
The latest research also shows that people renting in London have to budget £300 more per year than a year ago, with the average monthly room rent for the capital up 3.5% in 12 months to £743.
However, there is some good news, as London rent rises are apparently slowing.
They rose 9.5% between 2013 and 2014 but only 3.5% between 2014 and 2015.