Renting in the postcode of SW1 costs an average of £4,647 per month, according to the latest research by Benham and Reeves.
The London lettings and estate agent analysed just how much it costs to rent in the most prestigious postcode in politics – home to No.10 Downing Street – and found that even Liz Truss saved almost £7,000 in rent during her stint as PM despite it lasting just 44 days.
Not only is this the sixth most expensive in the entire borough, but it’s a 16% house price premium compared to the wider Westminster average house price.
Marc von Grundherr, director of Benham and Reeves, said: “London’s rental market is no different to the sales market in the respect that a topline average only gives you a rough guide to the cost of renting and this cost can vary quite dramatically from one postcode to the next.
“When it comes to Westminster, the cost of residing within the boroughs is predictably steep regardless of where you look and whether you choose to buy or rent.
However, with Westminster’s political elite never really sure just how long they will last in the spotlight, renting is very popular, allowing them to sidestep the high cost of purchasing in the event they only last 44 days.
At a rental average of 4,647 per month, the postcode is 97% higher than the wider borough average for Westminster, making it the third most expensive Westminster postcode from a rental standpoint.
Of course, the most affordable way to traverse the Westminster rental market is to secure the keys to No.10, a move that can see you save a considerable sum.
In fact, despite lasting just 44 days, Liz Truss still managed to save a huge £6,722 during her tenure as PM.
While Boris has stated he won’t stand in the Tory leadership contest again, he saved a huge £195,825 in rent during the 1,139 days he spent at No.10.
Theresa May’s time as PM came to an end as rental values in the SW1 postcode peaked at £5,945 per month, saving her £202,458 in rent during her 1,105 days.
However, it’s David Cameron that enjoyed the largest rental cost saving during his time in Downing Street. Not only was he a tenant of the SW1 postcode for the longest period of the four at 2,254 days, the cost of renting also climbed 25% during his time there between 2010 and 2016.
As a result, he saved an estimated £369,095 in rent by taking the position of PM.
Von Grundherr added: “The SW1 postcode is a particularly sought after one for some, however, their motivations are very much driven by advancing their careers for a limited period of time, rather than laying down long-term foundations as a homeowner.
“At the same time, their time spent in the area comes without a high property price tag or monthly rental requirement and so it’s probably the best way to tackle the issue of affordability when living in London, albeit it can be a particularly cut through route to take.”
