Crossrail rental values have climbed by 15 per cent on average in the last year alone - before this week’s opening of the much-delayed cross-London service.
Rental platform Rentd calculates that renting within a Crossrail postcode currently costs £1,605 per month on average, up £207 in a single year.
Farringdon has seen the largest jump, with the average rent in the EC1 postcode increasing by 36 per cent on an annual basis.
Just one Crossrail station is home to a lower average rent compared to a year ago. Twyford has seen the average rent within the postcode of its Crossrail station fall by 15 per cent in 12 months.
However, it’s the SL1 postcode, boasting two Crossrail stations in Slough and Burnham, where tenants can find the most affordable rental properties. Rental values in the area average just £1,080 per month.
When comparing the average rent in Crossrail postcodes to their wider local authorities, Crossrail stations also command a 15 per cent rental premium.
Tottenham Court Road tops the Crossrail rental price premium table. The average rent in the W1 postcode comes in 89 per cent higher than the average cost of renting in Camden.
Rentd chief executive Ahmed Gamal comments: “It’s not just homeowners who are benefitting from the arrival of Crossrail, landlords with rental homes within Crossrail postcodes are also enjoying a sharp uplift in rental values as a result of heightened demand.
“It’s likely to become one of the most desirable aspects of a rental property for many tenants, who will be able to benefit from a quick commute and more affordable rental prices in areas they would otherwise not have considered.
“Take the likes of Reading and Shenfield for example. While rental values have climbed by more than 20 per cent in a year, they remain far more affordable from a tenant perspective when compared to many areas within the M25.”