• Tenants can save up to £350 a month on rent by living a 10-15 minute walk from a London Tube or train station, compared with a similar property which is within a five minute walk. 

• A one bed flat within a five minute walk (up to 500m) of a Tube or train station can cost up to 25% more per month in rent, compared with a similar property a 10-15 minute walk away (830m-1250m).   

• Based on one and two bed flats, those in East London carry the largest rental premiums (one bed: 25% £350) (two bed: 14% £233) for living within a five minute walk of a Tube or train station.

* Data invalid due to high volume and close proximity of Tube/train stations in specific area  

In East London, the average cost of a two bed flat a 0-5 minute walk (up to 500m) from the station is £1,633 pcm. But by living a bit further out within a 10-15 minute walk, tenants can save £233. The table below details further savings which can be made for those who choose to live in a two bed flat.

* Data invalid due to high volume and close proximity of Tube/train stations in specific area

The research was carried out by property website OnTheMarket.com which analysed a selection of data based to find Tube/train stations where tenants can

make significant monthly savings by extending their walking time to up to 15 minutes. These include: Holloway Road in North London (£179, 11%), Turnpike Lane in North London (£132, 11%), and Shadwell in East London (£126, 9%).

The table below reveals selected Tube/train stations across London and the cost savings which can be made for those who live closest to them.  

According to Government statistics, on average, private renters spend around 34% of their household income on rent and private renters with a joint income spend on average 41%.

Those in the 16-24 year old bracket are hardest hit with 48% of their household income being spent on rent. 

It is also of no surprise that those living in London spend considerably more than those outside of London (43% compared with 32%).

Spokesperson for OnTheMarket.com, Vikki Bennett, said: “This research shows it can be well worth the effort of adding the extra minutes to your commute because it can result in a considerable reduction in the price you pay to rent a property.

“In terms of accessibility to London transport, we found that the borough with the most Tube stations is Westminster with 31 but as always, convenience comes with a price and it’s no secret that this remains one of the most expensive spots in the country.

“For more affordable housing with access to good transport links, Brent is well-served with 21 Tube stations. Here, the average rental cost of a one bedroom flat within a five minute walk of Alperton Tube station is £1,300. It’s possible to save up to £121 each month for renting the same sized property up to a 15 minute walk away.

“The borough with the most train stations is Bromley with a total of 23. However, the potential savings are harder to find, with a one bed flat in Bickley costing £925 per month within a five minute walk of the train station. By extending the commute to up to 15 minutes, the same sized property costs £881 per month.”     

Issued for and on behalf of OnTheMarket.com

Research Notes: 

1. This research analysis was performed on:

-       Price averages for one bed flats were based on a sample of over 9,000 properties for rent in London from OnTheMarket’s own inventory during December 2018. 1 bed properties over £2,000 pcm were excluded.

-       Price averages for two bed flats were based on a sample of over 12,000 properties recently for rent in London from OnTheMarket’s own inventory during December 2018. Two/three bed properties over £2,000 pcm were excluded.

2. London areas are split into ‘postcode areas’. OnTheMarket defines EC as postcodes that begin with ‘EC’, N as postcodes that begin with ‘N’ etc.

3. OnTheMarket.com based the research on the following walking times and distances.

Average of 5km walking speed per hour.

4. English Housing Survey Private rented sector 2016-2017