As the average London house price reaches £500,000 , people are starting to go to the extremes what with commuting from Barcelona to London, renting a shed in a living room or a bed in a kitchen.
According to lastminute.com however, there’s a surprisingly untapped rental remedy, as they claim it can now be better value to live in a 5 star hotel than rent.
While Central London rentals have sky-rocketed to unaffordable levels, with prices increasing by seven percent over the last year, at the same time, the costs for staying in 5 star hotels in London dropped by almost five percent on average, lastminute.com found.
It now seems that Londoners can live more affordably in a 4 or 5 star hotel, saving hundreds of pounds rather than settling for a shoe box studio.
While rents for furnished studios in the City, right in the centre of the action, come in on average at around £848 per week, a 4 star hotel there would reportedly set you back from £601, a saving of £247.
Staying in a hotel also grants you other benefits though, with 24-hour room service, concierge, free Wi-Fi, fresh sheets and towels every day, daily cleaning, toiletries, slippers and robes, maybe even an onsite gym, spa or pool too.
You also won’t get lumbered with weekly bills for all day-to-day apartment amenities like broadband, utilities, council tax and cleaning.
Amanda Cumine, Director of Brand Marketing at lastminute.com, said: “Londoners are caught up in an increasingly crazy ‘rent race’ when actually behind the doors of the Capital’s hotels lies the secret to dodging mad city rental costs.
“Who would have thought that the day would come when luxury hotels could be better value than renting a furnished studio in zone one?
“The icing on the cake is you will never have to make the bed, clean your bath or put out the bins ever again and even better, this is all available right on your door step in the most sought after areas of the city.”
