The capital's renters who work in the City may not be getting a raw deal when it comes to rent – at least not when London’s stacked up against the globe’s other top financial cities.
London is the leading financial hub based on the latest rankings in the Global Financial Centres Index by the Z/Yen Group. That considers elements such as competitiveness and transaction volume.
But according to analysis by US apartment search site RentCafe, London's average rent isn’t bad at all compared to some of the other financial heavyweights.
Looking at average rent prices for one-bedroom flats between 600 and 999 square feet, RentCafe found that you’d get a flat of the above description for $1,650 (£1330) in London, but would have to cough up double that to get the same in New York at $3,680.
Overall, 19 other cities had more expensive rent despite the capital having the highest clout in the top financial cities rankings.
Renters in Hong Kong averaged $2,740 a month for the same-sized apartment, making it the fourth most expensive financial city in the world to live for renters.
As for the best deals, RentCafe said the cheapest rent in the European financial hubs can be found in Munich at $1,110 per month.
Across all of the cities considered, Casablanca was the cheapest place entirely, with flats commanding $820 on average.
The top 30 financial cities by rent price:
|Financial city||Average rent for one bedroom flat||Financial rank|
|New York City||$3,680||2|
|Ranking||The world's top 30 financial centres|