Who are the tenants currently renting in London?
Not so long ago, the rental market was dominated by millennials, many of whom were renting because they were unable to get on the housing ladder. But over the last few years we’ve seen the demographic change considerably as tenants’ reasons for renting broaden.
We have identified a number of tenant groups currently active on the rental market in London:
The sales market for properties up to £1.5m is very competitive. With vendors often receiving multiple offers, the tendency is to give preference to buyers who are chain free and can therefore move quickly. Chain-free purchases also carry less risk of falling through. As a result, we are seeing increasing examples of would-be buyers completing on their own sale and then moving into short-term rented accommodation before looking for their onward purchase.
The working lives of top professionals are no longer centred around just one city or marketplace. Instead they spend a week or so at a time in several places and rather than stay in a hotel – they want somewhere that feels like home. While still a very small proportion of overall tenants, the number of renters taking up two or more properties in various global cities is on the increase.
Over the past two years we’ve seen a rising demand from couples and professional sharers for pet-friendly apartments. Since the start of 2014 around 40 percent of our new applicants own pets or are thinking of getting one. Pets’ needs are certainly taken into consideration during a tenant’s property search. We’ve shown an applicant around a two-bedroom garden flat which was perfect for her, but she decided against it as the shower head was fixed to the wall which meant she wouldn’t be able to wash her dogs in the bath.
Head of Lettings, Islington