A recent review of central London’s prime lettings market by lettings specialist E J Harris has revealed international tenants to be dominating the top end of the market. The firm has used information from its own client database, local market intelligence and wider industry figures to produce a detailed and informative guide on tenant profiles, popular addresses and typical property sizes for varied rental price brands found across the sector.
One-bedroom apartments offering approximately 300 square feet in areas such as Shepherd’s Bush, Bayswater and Holland Park can expect to garner around £500 weekly. The tenants in these types of properties are usually young professional individuals or couples in search of their first central base.
Investors with one and two bedroom apartments in districts such as Notting Hill, East Mayfair and Marylebone are attracting tenants with a budget of £500-£1000 a week. The tenants in this price bracket tend to be students from wealthy families with parents willing to pay their deposit in advance and their rent in total. This price bracket also includes corporate tenants from Europe and America that wish to relocate to London.
Apartments offering two bedrooms and 1,000 to 1,500 square feet in Mayfair, Knightsbridge and Belgravia are also securing relocating corporate tenants as well as people in search of a central luxury pad. Two and three bedroom apartments in the same areas typically attract CEOs and professionals from the banking and finance sector willing to pay between £2,000 and £1,000 a week.
At the upper end of the lettings market, in the £6,000 to £8,000 price range, typical tenants are high net worth individuals and professionals from Africa, Asia and the Middle East. The tenant profile of the properties with rental costs exceeding £8,000 a week consists of African, Asian and Russian visitors that have acquired their wealth from commodities, energy or finance.
Those who are renting high end properties will expect top quality management, and this is exactly what we can offer. We manage all types of properties in all price brackets, and can offer full property management in Kensington and Chelsea and London’s other sought after areas.