Renting near a landmark will cost you more

The latest research by rental deposit replacement scheme Ome has found that renting near a famous UK landmark can cost as much as 207% more than the cost of renting in the wider area.

Ome looked at 32 famous UK landmarks and the current cost of renting in the surrounding area before comparing this rental cost to the broader area in which they are located.

The research shows that the average cost of renting close to a famous landmark is currently £1,613 per month, 55% more than the average of £1,043 across the wider areas.

Areas surrounding Hampton Court Palace are the least affordable landmark rental market. The KT8 postcode is home to an eye-watering average rent of £4,965 per month, 207% more than Elmbridge as a whole (£1,617). 

The Tower of London ranks second and is the only other landmark where the average rent exceeds £4,715 per month. This monthly rental cost comes in 157% higher than the borough of Tower Hamlets (£1,835).  

The Cerne Giant in Dorset is the third and final landmark where local rents are more than 100% that of the area itself. At £1,823, renting around this famous landmark is 119% more expensive than the average cost of renting in Dorset.

Westminster Palace, Buckingham Palace, Durham Cathedral, Coventry Cathedral, Windsor Castle, Albert Docks and Chatsworth House also place in the top 10 where the high cost of renting in relation to the wider area is concerned.

But it’s not all bad news.

Blackpool Tower offers a landmark rental bargain, with the average monthly rent of £447 coming in -17% lower than the Blackpool average (£538).

Lake Windermere (-16%) and Lincoln Cathedral (-5%) also offer a rental saving in the surrounding market when compared to the wider area.

Co-founder of Ome, Matthew Hooker, commented:

“It seems that it’s not just commuter links and nearby amenities that will drive up rental prices, as the close proximity of a famous landmark also appears to push rental costs above and beyond the wider average in a given area.

However, while the diversity of the UK rental market does mean there are some landmark rental bargains to be had, those struggling with the affordability of renting probably won’t consider it a necessity when house hunting.

In this instance, the best option is to find a more affordable pocket of the local market and bridge the distance with some good old-fashioned exercise to reduce your monthly rental outgoings.”