London Rent Analysis: Nick Millican Explains the Latest Trends in Rental Costs and Household Income

Nick Millican is a prominent real estate industry figure with extensive knowledge and expertise in investment management, asset development, and financial acumen. All these have earned him a reputation as one of the most respected leaders in the field. His educational background includes a degree in Chemistry from the University of Oxford and experience as an Associate in Citi’s Investment Banking division. 


This scientific foundation and financial insight have enabled him to bring a unique perspective to his role as CEO of one of the largest real estate companies. Investment and housing expert Nick Millican is also actively involved in philanthropy, having served as a Director and Trustee of Chickenshed Theatre since June 2019. 


The housing expert and investment leader Nick Millican´s commitment to providing inclusive performing arts opportunities to individuals of all abilities attests to his dedication to positively impacting the industry and society. He recently talked about the cheapest locations for rent in London over the past year and the proportion of household income required to pay rent. According to his analysis, typical rent in a west London corridor encompassing Hounslow and Richmond upon Thames saw only 7.6 percent growth to £1,920. 


Across London, however, the proportion of household income needed to cover rental bills is at its highest since the financial crisis in 2009. Average monthly bills are now 27 percent of revenue, whereas tenants only need to spend 24 percent in the North East of England. Nick Millican warned Londoners that higher rent costs will likely continue for some time (Crunchbase). 

He stresses that although rental growth has outpaced earnings growth every month since June 2021, tenants should still look for ways to spend their income more efficiently. He also explains how knowing the current market conditions can help tenants make more informed decisions about their housing situation. By understanding the growing trend in rental costs, Nick Millican finally states, tenants can budget accordingly and prioritize what is most essential before entering into a contract.