Southwark is commonly known as the area south of the river Thames. It is one of the oldest London district and home to many famous landmarks: Shakespeare Global Theatre, Southwark Cathedral, Tate Modern, City Hall, Millenium Bridge & Blackfriars Bridge. The area has undergone extensive regeneration these past decades and features some of the trendiest and mixed London accommodations with conversion lofts, new residential developments, traditional Victorian houses and mews, as well as council estates.
Transportation wise, Southwark is fairly central and within easy reach of many London areas. There are less tube stations than in the West ends but you will find many buses. Other tube stations are within minutes if you cross the river and the Thames path is ideal for cyclists. You will find plenty of great places to eat for all budget types, from borough market to the famous Oxo Tower. Overall, most people would recommend Southwark as being a great place to live. Rental prices vary depending on the area. Basically, the closer you will get to the Thames, the more expensive the rent is likely to be.