Navigating London’s rental market

There may have been a time when good references and a deposit were all you needed to get yourself a rental home, but in 2024 you’ll need to bring far more to the table. Recent research from Rightmove shows that agents in the UK receive 19 enquiries from prospective tenants per available home - double the pre-pandemic average of eight. I started my search three months ago, right in the middle of this.

Navigating London’s rental market is tough at the best of times, but doing so in Hackney in 2024? It’s a whole different kind of nightmare. What was once an affordable, artsy borough has become one of the city's hottest (and most expensive) spots. When I set out looking for a new flat, I thought it’d be as simple as scheduling a few viewings and choosing a place. How wrong I was. It felt less like house-hunting and more like signing up for some kind of endurance test, where the reward for surviving was a cramped two-bedroom flat you could barely afford. Between a brutal lack of supply, fierce competition, and rents high enough to make you weep, Hackney's rental market is no joke. And, after a few months’ of stress, I didn’t even manage to secure a place on my own - but more on that later.

Blink and it’s gone

The first challenge was finding anything available. There’s a significant shortage of flats in Hackney, and demand is incredibly high. I’d refresh the property apps constantly, but even then, decent options were gone almost immediately. There were times I’d call about a property that had been listed just yesterday, only to be told it was already taken.

Rental hunger games

And when I finally did manage to book a viewing? The competition was ruthless. It wasn’t enough to like the flat—no, no, you had to be ready to go to war for it. Agents would casually mention, “We’ve had multiple offers,” with a subtle nudge to offer above the asking price if I wanted a shot and at one point, I found myself battling nine other hopeful renters for a two-bedroom flat. The whole thing felt less like house-hunting and more like an episode of The Apprentice, where only the most aggressive bidder wins. And, as Metro recently reported, negotiating down on rent is pretty much a no-go. The market is so fierce that landlords have no problem waiting for someone willing to pay far above the asking price.

Eye-watering rents

Hackney, once an affordable spot in East London, has now risen to match the most expensive areas. A report from the Valuation Office Agency shows that average rent across London has climbed to £2,145 per month, and Hackney is close behind. Generation Rent describes the London market as "out of control," and that seems to capture it perfectly. It’s difficult to see how anyone can manage these prices without either sharing with several people or stretching their finances to the limit. The cost of living in Hackney is making it increasingly tough for residents to stay in the neighbourhood they've called home for years.

Emotional toll 

What I wasn’t expecting was how draining the process would be. Every time I found a flat that seemed promising, it would slip away - either to someone who made a higher offer or simply got there faster. After a while, it got pretty deflating, and I started wondering if I’d ever find a place I could actually afford. And it’s not just me feeling the pressure - MyLondon recently reported that renters all over the city are facing the same struggle. With the market this competitive, if you’re not quick, flexible, and backed by great references, your chances of landing a place are slim.

Saved by Instagram

After weeks of battling the market, endless viewings, and the emotional rollercoaster that is flat-hunting in Hackney, I finally found somewhere to live. But here’s the kicker: I didn’t even manage to tackle the rental market myself. In the end, it was a friend of a friend I met though Instagram who came to the rescue, offering me a room in her two-bedroom flat before it hit the websites. So after all that stress and competition, I ended up bypassing the entire system.

While I’m relieved to have found a place, the whole experience left me with one burning question: how is this sustainable? With demand continuing to outstrip supply, and rents soaring higher every year, the market feels broken. Something needs to change -whether that’s building more affordable housing or giving renters more protections. Until then, London’s rental market will remain a wild, stressful, and deeply frustrating place to navigate. So, if you’re thinking of entering the rental market anytime soon, I’d recommend a good WiFi connection, a solid support network, and maybe an Instagram account - you might need it.