Rent in Docklands is lower than it was in 2012 despite supply continuing to outpace demand according to new research.
A report published by Limehouse estate agency Hurford Salvi Carr revealed average rents had stalled in the past three years, despite values of the properties themselves rising.
In Docklands, the City and Midtown, the average weekly rent for a one-bedroom flat would have been around £400 and just over £500 for a two-bed flat. Both were slightly higher in 2012.
This, according to the report, runs counter to the common perception that London rents are becoming an ever-more burdensome living cost.
The research also showed how much you can expect to pay per square foot for a flat in each area, with the City coming out top, with one square foot setting the average tenant back £44 a year.
A trend for short-term tenancies has been flagged up in the report, which the company believes is a result of the Government relaxing anti-subletting laws.
But the report gave a warning on this point.
It states: “The intention is to make better use of under-used homes but many fear it will make it too easy for unscrupulous tenants to re-rent homes for a profit.”
Some interesting demographics were also thrown up about the make up of each area. More than two thirds of the people living in the three areas are aged 25-40, while only 23% of the tenants were British.
More than half of all those renting worked in either finance or telecoms and 48% of them were single.