Prime Central London continues to attract renters looking to live in the Capital’s most exclusive neighbourhoods. After the uncertainties of Brexit and the Covid-19 pandemic, people are returning to Central London and the rental market revival is fully underway. Despite high rental prices, demand is growing to find properties for rent in areas such as Mayfair, Marylebone, Knightsbridge and Belgravia. However, prospective tenants who want to live in the most sought-after postcodes like W1, NW1, EC1, W8, W11, SW1, and SW3 have specific requirements.
It seems that now is prime time to let luxury properties in central London. According to reports, new tenancies in prime London locations are at their highest in the last ten years. This rental growth is partly due to an influx of overseas tenants returning to the Capital. Although average rents have been falling, this trend should change as demand increases, and average rental values should start to rise.
Knowing what renters look for in a desirable rental property in central London can help you attract the best tenants and reduce vacancy rates.
Below are some the latest trends in the prime central London rental property market.
Schools attract renters to prime central London neighbourhoods
A significant factor influencing the decision of where to rent is the quality of schools. The schools in Mayfair, Chelsea, Kensington, Knightsbridge, and Fitzrovia are some of the best in the country. And for parents, their children’s education is a top priority. In addition, international tenants are interested in prime central locations in London to take advantage of these education opportunities.
Renters want pet-friendly rental properties
During the pandemic and lockdown restrictions, the number of pet owners in the UK increased. This trend also affects tenants’ requirements when looking for a rental property. More prospective tenants want pet-friendly rental accommodation. Landlords who allow pets in their properties—albeit with clauses in the lease—find that they can attract a broader range of applicants.
Greater demand for luxury accommodation
Most people looking to rent a home in London’s most desirable locations want a furnished property. Landlords can take advantage of this by offering high-quality, luxurious fixtures and fittings to suit the surroundings. There is also an increase in landlords catering to the needs of renters’ demands. For example, offering dog showers, smart home devices, and kid’s scooter storage are just some of the ways landlords can attract more potential tenants.
Ultra-high-net-worth individuals return to central London
With fewer or no restrictions on international travel, it’s expected that UHNWIs will want to relocate to central London. Also, wealthy overseas individuals are willing to pay top rental, private accommodation rates for their children to attend university. That means that it’s prime time to prepare properties to meet the demands of ultra-high-net-worth individuals.
The most desirable locations in central London
In general, all areas in Central London continue to see strong demand. Wealthy individuals want to be close to restaurants, luxurious shopping outlets, and members’ clubs. Also, these areas still have a quiet neighbourhood feel, with the advantage of close proximity to large open green spaces like Hyde Park and Regent’s Park.
London Property Lettings
If you’re looking to let your property in London, the RIB team can help. As one of the top letting agents in Central London, we have a range of lettings services available to help you let your property in Mayfair, Marylebone, Fitzrovia, Regent’s Park, Soho or other prime London locations. Whether you’re looking for a let-only service or full property management, contact our team today on the details below.