The average cost of renting along the DLR was £1,647 per month prior to the pandemic which has since jumped by 4.5% to £1,721 per month
All London Underground lines except the DLR have seen rent values drop as a result of the pandemic and the resulting reduction in demand from London tenants, according to Benham and Reeves.
The research found that prior to the outbreak of COVID-19 in the UK in December 2019, the average rent around an underground station was £2,215 per month.
However, this average monthly cost has since declined 9.4%, to £2,007.
The Circle line has seen the largest drop, with the average cost of renting along the line as a whole dropping 16% to £2,566 per month.
The average cost of renting along the Victoria Line has dropped from £2,227 per month prior to the pandemic to £1,982 – a decline of 11%.
The average cost of renting along the DLR was £1,647 per month prior to the pandemic. This has since jumped by 4.5% to £1,721 per month.
The Hammersmith and City and Jubilee lines have seen the lowest reduction in the average cost of renting at 4.1% and 4.2% respectively, while the Met, Bakerloo, Northern and Piccadilly lines have all seen a 6% drop.
Marc von Grundherr, director of Benham and Reeves, said: The close proximity of a tube station has always been a very sought after feature amongst London’s tenants and this convenience has traditionally commanded a rental price premium as a result.
However, with the pandemic forcing many to work from home, demand and rental values have fallen across London as a whole, with priorities shifting towards larger homes and green space as opposed to public transport availability, he said.
He said: The good news is that this downward trend is starting to reverse and as more of us have returned to the capital, rents are once again starting to climb.