Buckingham Palace 'would cost more than £2.5m to rent each month'

Rebecca Taylor
·Royal Correspondent
·6-min read
LONDON, ENGLAND - APRIL 17: A general view of Buckingham Palace on April 17, 2021 in London, England. The Duke of Edinburgh travelled extensively during his Royal Naval service.  As Prince Consort to HM Queen Elizabeth II he visited 144 countries, he was fluent in French and German. The youth scheme he set up in 1956, The Duke of Edinburgh's Award, is now held in 143 different countries. The Duke died, age 99, at Windsor Castle on April 9, 2021, and his funeral is held today, also at Windsor. (Photo by Stuart C. Wilson/Getty Images)
Buckingham Palace in April 2021. It would cost £2.5m a month to rent. (Stuart C. Wilson/Getty Images)

It would cost more than £2.5m a month to rent Buckingham Palace according to a study by a residential rental company.

The London palace, which is the main home for the Queen most of the time, would set a renter back an estimated £2,550,018 each month were it to come onto the market, experts from UNCLE found.

At the other end of the spectrum, Prince Harry and Meghan's two royal homes were estimated to cost the least each month.

Frogmore Cottage, which they were given by the Queen when they got married, would cost £17,650 each month, while Nottingham Cottage, in Kensington, would cost a mere £7,760 a month, UNCLE worked out.

Nottingham Cottage was where the couple lived before they were married. Frogmore, in Windsor, is now believed to be home to Princess Eugenie and her husband Jack Brooksbank, after they welcomed their son August.

The monthly figures were calculated by looking at floor plans to work out the total size of the properties, and using the average cost per square metre of properties in the same area to calculate what the royal home would command. 

Nottingham Cottage and Frogmore are cheapest because they have the least number of rooms out of all royal residences.

Nottingham Cottage has two bedrooms, and Frogmore has nine, while Buckingham Palace has 775 rooms.

LONDON, ENGLAND - JULY 23: Table settings are laid out in the Palace Ballroom for a State Banquet at The Royal Welcome Summer opening exhibition at Buckingham Palace on July 23, 2015 in London, England. Last year the Royal Family welcomed around 62,000 guests to Buckingham Palace, at State Visits, receptions, Garden Parties, Investitures and private audiences. At the Summer Opening of the Palace, displays throughout the State Rooms have recreated the settings for some of these royal
occasions, and give an insight into what goes into creating a royal welcome, from the laying of a table at a State Banquet, to the creation of an outfit worn by Her MajestyThe Queen to receive visitors.  (Photo by Peter Macdiarmid/Getty Images)
Table settings laid out in the Palace Ballroom for a State Banquet at a Buckingham Palace exhibition in July 2015. (Peter Macdiarmid/Getty Images)
Britain's Queen Elizabeth II (2R), US President Donald Trump (L), US First Lady Melania Trump (R) arrive in the Music room to pose for a photograph, ahead of a State Banquet in the ballroom, at Buckingham Palace in central London on June 3, 2019, on the first day of the US president and First Lady's three-day State Visit to the UK. - Britain rolled out the red carpet for US President Donald Trump on June 3 as he arrived in Britain for a state visit already overshadowed by his outspoken remarks on Brexit. (Photo by Alastair Grant / POOL / AFP)        (Photo credit should read ALASTAIR GRANT/AFP/Getty Images)
Buckingham Palace is a working palace and is used to host state occasions, like the visit of Donald Trump in 2019. (Alastair Grant/AFP)

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Ryan Prince, founder at UNCLE said: "The idea of living like royalty is a concept that fascinates many, with TV shows such as The Crown giving us a glimpse into the life of a royal family member. Whether a royal palace, regal castle or a majestic stately home, we wanted to reveal how much it would cost for you to live for a month in luxury like a royal – if they were ever to be up for rent, that is.

"With many of the royal residences being based in the capital, living in these desirable central London locations comes hand-in-hand with a hefty price tag. Even the cheapest royal properties on the ranking, such as Nottingham Cottage in Kensington, would cost you north of £93,000 to rent for one year – that’s triple the average UK annual salary.

"But living like a Queen compared to a Duke and Duchess will come at a much higher price, with our data putting a £2.6 million price mark on renting Buckingham Palace per month, which equals to £30.6 million for the year. Even if the opportunity ever arose to rent a royal residence, the cost is wildly unattainable for most and so we think we’ll have to stick to admiring these magnificent palaces from afar."

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The team worked out the rental of the royal homes based on the size and location. (UNCLE)
The team worked out the rental of the royal homes based on the size and location. (UNCLE)

Read more: Buckingham Palace floor plans revealed: Exactly what's inside the Queen's main residence

After Buckingham Palace, the second most expensive royal residence was St James's Palace, which is the official residence of Princess Anne, though it mostly houses her offices.

It would cost £1,734,713 a month, according to UNCLE estimates. 

Third in the list was Windsor Castle, where the Queen has been living since March 2020, when she moved out from Buckingham Palace as the country went into lockdown.

Her second home, which is usually where she spends weekends, would be £1,314,741 a month. It has 1,000 rooms, and is also home to St George's Chapel, where Prince Philip's funeral was held.

The Duke and Duchess of Cambridge had the most expensive home of any of the Queen's grandchildren, with their home at Kensington Palace commanding an estimated £175,697 a month if it were to be rented.

Prince William and Kate live in the 30 room, 4,000 square metre property with their three children, Princes George and Louis and Princess Charlotte.

General view of Anmer Hall as work continues on the royal country retreat gifted to the Duke and Duchess of Cambridge on Queen Elizabeth II's Sandringham estate in Norfolk.   (Photo by Chris Radburn/PA Images via Getty Images)
Anmer Hall during work carried out when the home was given to Prince William and Kate. (Chris Radburn/PA Images via Getty Images)
WINDSOR, UNITED KINGDOM - APRIL 10: A general view of the exterior of Frogmore Cottage as people lay floral tributes to Prince Philip, Duke Of Edinburgh who died at age 99, nearby on April 10, 2021 in Windsor, United Kingdom. The Queen announced the death of her beloved husband, His Royal Highness Prince Philip, Duke of Edinburgh. HRH passed away peacefully April 9th at Windsor Castle. (Photo by Leon Neal/Getty Images)
The exterior of Frogmore Cottage in April 2021, which was where Prince Harry and Meghan had been living when they were in the UK. (Leon Neal/Getty Images)

Their Norfolk home of Anmer Hall came in at number 11 on the list, estimated to be £44,160 a month in rent.

Anmer Hall is on the Sandringham Estate, and was given to the couple as a wedding present in 2011.

They lived there for several years as their main home in the early years of their marriage, including with a young Prince George, who went to nursery in Norfolk. 

Sandringham House itself, where the Queen and the Royal Family usually spend Christmas, was eighth, estimated to cost £78,257 a month.

Balmoral, the favoured Scottish home for summer holidays, was an estimated £82,200 a month.

Members of the public arrive to visit Windsor Castle on 23rd August 2020 in Windsor, United Kingdom. The Sunday Times has reported that the Queen will make Windsor Castle her main home for the rest of the year following her summer break at Balmoral rather than returning to Buckingham Palace because her household arrangements at Windsor Castle are believed to offer the greatest protection from COVID-19. (photo by Mark Kerrison/In Pictures via Getty Images)
Windsor Castle is where the Queen has been living since March 2020, during the coronavirus pandemic. (Mark Kerrison/In Pictures via Getty Images)
ABERDEEN, SCOTLAND - SEPTEMBER 20:  A general view of Balmoral Castle as Queen Elizabeth holds a private audience on September 20, 2017 in Aberdeen Scotland. (Photo by Andrew Milligan - WPA Pool/Getty Images)
Balmoral Castle, here in 2017, is her prefered Scottish holiday home. (Andrew Milligan - WPA Pool/Getty Images)

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Prince Charles's main London home, Clarence House, was sixth on the list, estimated to be worth £87,799 a month in rent. It was just beaten by the Palace of Holyroodhouse, the Queen's official Scottish residence, which was fifth at £133,429 a month. 

At 7242 square metres Balmoral is better value than Clarence House, which is 1552 square metres.

Prince Charles's Highgrove House, which is where he has been living since last summer, would bring in £73,208 a month.

Meanwhile also in Gloucestershire, Princess Anne's Gatcombe Park would set a renter back £43,076 a month.

Of course it's highly unlikely that a main royal residence will ever be available for rent - though the Duchy of Cornwall, which Prince Charles manages, does have its own holiday homes.

Many of the palaces, including Windsor Castle and Buckingham Palace, are open to tourists at certain points during the year.

In 2021, the Queen will also allow picnics in the Buckingham Palace garden for the first time.

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