{"id":2567,"date":"2014-07-01T06:01:23","date_gmt":"2014-07-01T05:01:23","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=2567"},"modified":"2024-04-18T07:20:41","modified_gmt":"2024-04-18T06:20:41","slug":"rental-market-update-july-2014","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-rental-market\/rental-market-update-july-2014\/","title":{"rendered":"Rental Market Update – July 2014"},"content":{"rendered":"

Central London<\/h2>\n

Rental properties in Kensington<\/a><\/strong> are letting quickly, particularly one and two bedroom apartments. With an easy commute high on many tenants\u2019 wish lists, homes within a quarter mile radius of High Street Kensington tube station are in particularly high demand.
\n<\/p>\n

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3 bed flat to rent in Kensington, \u00a3750 pw<\/figcaption><\/figure>\n

The relocation market is picking up and we\u2019re receiving numerous enquiries for two, three and four bed properties.\u00a0 Enquiries are dominated by finance industry executives, particularly from the US.\u00a0 We\u2019re also busy with requests from families who already live locally but are looking to upsize to a bigger Kensington <\/strong>property – this is increasing demand for larger homes, especially those located within the catchment areas of the best schools.<\/p>\n

Accommodation budgets are good at the moment and applicants are generally happy to pay close to the asking rental as long as the property ticks most of their boxes and they feel they are getting value for money.<\/p>\n

Demand for rental apartments in Ealing<\/strong>, \u00a0West London, is also high.\u00a0 Properties at the Dickens Yard development<\/strong> are letting almost immediately, most for close to the asking rental.\u00a0 We\u2019ve concluded over 60 lettings here since it launched.\u00a0 We are starting to see shortages of properties and we\u2019re keen to find new stock.\u00a0\u00a0 Around 90% of tenants are renewing their tenancy agreements and we\u2019re finding that tenants, once they have settled in, are keen to stay.\u00a0 With such high demand, landlords are experiencing virtually no void periods.<\/p>\n

City, Canary Wharf, Docklands and Greenwich<\/h2>\n

Our City, Canary Wharf and Greenwich offices are experiencing strong demand and we are receiving high numbers of enquiries from tenants.<\/p>\n

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1 bed flat to rent in Aldgate, \u00a3450 pw<\/figcaption><\/figure>\n

Generally, we have a good supply of properties but the tables are turned at the moment in terms of the type of property for which demand is strongest. Unusually, one bed apartments are a little slower to let than usual while two bed apartments are flying out.\u00a0 Over 90% of two bed apartments in the City <\/strong>and Canary Wharf <\/strong>\u00a0are letting to professional sharers, indicating a continuing desire by tenants to reduce their accommodation costs.<\/p>\n

Rents are static though and the market is more price sensitive than a year ago so accurate pricing is essential. If a tenant is paying upwards of \u00a3375 per week they expect a property to be beautifully presented and in perfect condition.\u00a0 Standards have really risen over the last couple of years and a showhome standard property is the norm now in this price bracket. This means landlords may need to consider carrying out some refurbishment work or adding some new furnishings to ensure they attract a good tenant. With good stock levels currently, competition to attract tenants is fierce and if a property doesn\u2019t let within a couple of weeks, we suggest landlords consider taking pro-active steps such as reducing the rent to minimise void periods.<\/p>\n

\"2
2 bed flat to rent in River Garden, \u00a3450 pw<\/figcaption><\/figure>\n

Young professionals continue to flock to find rental properties in Greenwich<\/strong> and Blackheath. Apartments in landmark developments such as New Capital Quay,<\/b> The River Gardens and City Peninsula are letting immediately and we frequently have waiting lists.<\/p>\n

North\/North West London<\/h2>\n

Rental demand is good at the Beaufort Park development<\/a><\/strong> in Hendon and we\u2019re seeing increasing numbers of new applicants registering with us.\u00a0 There\u2019s a real buzz here and properties are letting quickly.\u00a0 Many new applicants are referrals whose friends or colleagues have recommended moving to Beaufort Park<\/a><\/strong> and it\u2019s interesting to see how the development\u2019s reputation is spreading.<\/p>\n

Ellyson House and Emerald House are the latest buildings to launch and apartments here are fetching strong rents \u2013 asking rents for Manhattan apartments are \u00a3270-\u00a3280 per week and two bed apartments from \u00a3360-\u00a3420 per week. Some investors are still completing in this latest phase so we\u2019re still receiving new instructions. However, there are higher numbers of owner occupiers moving into these new buildings than previously so the supply of rental apartments is more limited.\u00a0 Generally, tenants are happy to pay a premium of \u00a310-\u00a320 per week extra for these brand new apartments. Overall, rents at Beaufort Park are \u00a35-\u00a310 per week higher than this time last year.<\/p>\n

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4 bed house to rent in Hampstead, \u00a31,550 pw<\/figcaption><\/figure>\n

Over in Hampstead,<\/strong> rental demand is also strong, the summer months being our busiest time of year. We\u2019re especially busy with enquiries from relocation agents looking on behalf of families, mainly from the US and Europe, keen to move before the start of the September school term.\u00a0 Executives looking for family homes in Hampstead have slightly higher budgets than recently which is pushing up rents a little. We have plenty of high calibre properties available and competition is fierce for these but we are starting to run short of three bedroom properties so are actively looking for new instructions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Central London Rental properties in Kensington are letting quickly, particularly one and two bedroom apartments. With an easy commute high on many tenants\u2019 wish lists, homes within a quarter mile radius of High Street Kensington tube station are in particularly high demand.<\/p>\n","protected":false},"author":4,"featured_media":2143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451,445],"tags":[70,79],"class_list":["post-2567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market","category-property-rental-market","tag-london-property-rental-market","tag-london-rental-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/2567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/comments?post=2567"}],"version-history":[{"count":32,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/2567\/revisions"}],"predecessor-version":[{"id":22890,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/2567\/revisions\/22890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media\/2143"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media?parent=2567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/categories?post=2567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/tags?post=2567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}