Your relocation to London will involve, for the most part, choosing a new home after discussions with your relocation agent. You need to give them all of your requirements as well as information about where you will be working and how far you are prepared to travel each day.
Americans moving here are often shocked at the prices of rental apartments and it can be horrifying to realize that your increased salary will all be spent on accommodation. If you are in the early stages of negotiating your relocation jobs package then it might help to have a good idea of what the true cost of living will be after your relocation.
Most people start off by renting a flat, which is the British word for an apartment. Even a one-bedroom flat in the city can set you back more than $800 per week. Per week, not month. It also helps to have an idea of how most lease agreements are structured to get a better idea of what you’ll be paying for rent on your tiny new flat.
Most rental apartments are advertised using a weekly rate, so don’t think you’re getting a bargain if your relocation agents quote you a seemingly lower price than you expect. You can still pay your rent monthly with a direct debit from your UK bank account, but you won’t have a final figure until you perform this calculation:
Rental per week x 52 (weeks per year) ÷ 12 (months per year) = your total monthly rent payable. It covers your rental for the extra days in a month. So you’re only ever going to score in February of each year.
As Americans moving here you need to get a range of property listings from your relocation agent before you make a decision. They will be able to work the different permutations with regards to distance from work, length of travel time, and the distance of your new flat from public transport. All of these factors can make a significant impact on the price of renting a flat after your relocation to London.