Average prices have risen by almost a third in the three years since the Elizabeth Line opened in and around London.
Goodlord analysed the price of rents across over 80,000 homes located close to 32 stations along the line, and found that average rents increased by 31% in the past three years.
This rises to 80% in some central areas like Tottenham Court Road and Bond Street, while only West Ealing saw a decline in the average cost of rent.
In London’s outer boroughs South East London’s rental properties near Abbey Wood have seen the steepest increases, where rents have jumped by 50%.
Oli Sherlock, managing director of insurance for Goodlord, said: “Rents have risen dramatically across the country in recent years, fuelled by dwindling supply of rental stock and soaring demand from tenants.
“This is felt acutely in and around London, where tenants always pay a premium compared to national rental average.
“That’s why, when new transport connections open up, there is always a surge of demand from renters looking to snap up cheaper rents in newly well-connected areas.
“However, as we can see from this Elizabeth Line data, this ‘station surge’ ultimately pushes rents up even faster – creating mini rental hot spots in and around Greater London.”
The average cost of a rental property in Greater London as a whole has risen by 25% in the last three years, to £2,088 per month.