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A growing gap between supply and demand has hit London’s super-prime rental market, an ultra-exclusive pocket of the rental industry that includes homes rented for over £ 5,000 (US $ 6,823) per week , and homeowners can expect to benefit from it.
In the third quarter of the year, 45 super premium homes were rented in the capital, up from 34 at the same time last year, including a property rented for £ 40,000 per week, the most expensive offering in the last trimester.
In fact, this August alone was one of the busiest months on record for the number of super-prime rentals managed by Knight Frank, according to a report released Thursday in the UK by the property consultant and the real estate agency.
As the appetite for these upscale homes has increased, particularly in the Knightsbridge, Kensington and Mayfair neighborhoods, with tenants seeking more space after closing times, inventory has declined.
The number of super-prime rental listings is at its lowest level since late 2016, and the gap has grown
London
firmly in a super-prime owner’s market.
The supply is so limited that some potential tenants have accepted short-term rentals, booked hotels, or even signed pre-rental agreements. A recent super-prime deal in Kensington saw a family home undergoing a complete renovation that was rented out six months before it was even completed, Knight Frank said.
“I’m not sure clients and investors have realized the magnitude of the opportunity in the short-term super-prime market in London,” said Tom Smith, manager of super-prime rentals at Knight. Frank, in the report. “Whatever the budget, this research is often very delicate given the lack of high-caliber turnkey options on the market, suitable for stays of 30 to 90 nights.
“We have a £ 20million penthouse on our sales ledger that has sought to capitalize on this market while looking to attract a buyer,†he said. “When it was made available for short term rentals, there were very limited periods when they had trouble finding tenants. “
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