What is a London luxury rental?
Luxury rentals are not just about a generous budget but also about great location, high specifications and good quality overall.
Since 2014 the country and the political landscape have changed, but a trend that started 3 years ago is still going on strong: the luxury rental.
The rise of the London luxury rental is due to many factors. And the market has now divided luxury rentals into ‘prime’ and ‘super prime’.
The difference between ‘prime’ and ‘super prime’ being brands and quality.
In the old days (i.e. before 2014) having a flat kitted out of Peter Jones/John Lewis, would have been already considered ‘luxury’.
Nowadays, that is simply not enough. And branding is very much part of it. For prime rentals, a Miele kitchen will do. But for a super prime rental, it has to be at least Gaggenau/Sub Zero. In super-prime all the details count.
And about money, most agents would say that the prime / super prime mark is around £5000+ pw.
The London Luxury Rental Market: current market conditions
You are probably thinking about London property prices (mostly sales prices) but the biggest growth sector in the London property market in the past 3 years is the capital’s rental market.
Statistics reveal why. Over 30 per cent of households in inner London now rent privately. This is expected to rise to 40 per cent by late 2020, as renting increasingly becomes a lifestyle choice and not just an economic necessity.
Despite Brexit & the falling number of professionals relocating to London, the London luxury rental market continues to break records – we have just helped a client to rent a flat in Belgravia for the sale price of 1-bed flat.
In turn, this has also meant that owners / landlords have to be educated about the new requirements as a good location only will not be enough. Many landlords now understand that renting may means having to do works.
Please see this article that appeared back in October: https://www.ft.com/content/26b11d26-aa92-11e7-ab66-21cc87a2edde
Another good article is: https://www.homesandproperty.co.uk/property-news/renting/how-the-london-lettings-market-has-transformed-for-a-new-generation-of-renters-a114761.html
Why is the market hot?
The luxury end of the rental market is hot due to many factors. To begin with many people who sold their properties at peak prices are now renting while they wait to see what happens to the sales market. Meantwhile, others want to take their time and not rush into buying a property that attracts high stamp duty.
Since 2014 (when stamp duty changed) increasing number of properties have failed to sell. Shortly after that, it also became apparent that if you were to rent for a couple of years rather than buy, you will still be better off.
That change was evident to both would-be buyers / tenants and property owners. From that moment onwards, more and more ‘good’ properties were offered either to buy or to rent.
Increasingly many of these good properties were offered publicly for sale and privately for rent. The proper ‘off-market’ for rental properties was born.
Today the off-market rental market is in excellent health. And unless you have help, in many cases, it is very difficult to know about them.
Finally, another factor in the London luxury rental market is that there is no such thing as ‘high’ or ‘low’ season, all seasons are ‘high’ given that quality properties are rare and scarce (and competition fierce).
London Rental Search
Lastly, if you need help sourcing, finding and securing a luxury rental property, contact us.
If you simply cannot face the prospect of calling dozens of agents, dozens of times just to be shown properties you do not want, or you have better things to do with your time, get in touch.
As London rental search specialists we can help you.
Address Property Consultants would be delighted to help you search a high-end / luxury / prime / super-prime rental in London. We are experience in dealing with exacting tenants and landlords.
If you are looking for personalised help to find and secure great rental properties in some of London’s most desirable areas (Mayfair, Belgravia, Marylebone, Kensington, Notting Hill, etc.) contact us on 07789714013.
And more importantly, to us, you are an ‘Super Prime Tenant’ no matter what your budget is. Yes, we do not only do search high-end rentals, but normal and average rental searches too. In all cases, as mentioned, to us, you are always a ultra prime tenant.
#londonluxuryrental, #luxuryproperty, #luxuryrentals, #luxurylondonrentals, #primerentals, #superprimerentals, #addresspropertyconsultants #londonrentalsearch, #superprimetenant