‘Micro-apartments’ are becoming more popular among tenants in prime central London, as location is deemed more important than the size of the rental property.
London Central Portfolio (LCP) has released new data which shows an increasing demand for smaller properties in areas such as Knightsbridge and Belgravia.
According to LCP, in the last year 42% of properties rented are smaller properties, such as studio apartments and one-bedroom apartments. It is also proving easier to find tenants for so-called ‘micro-apartments’.
Prime central London areas are well-connected in terms of transport and amenities. They are also desirable residential areas. This has helped to drive demand for rental properties.
However, an increasing number of tenants are placing convenience first, wanting to live close to a place of work or study.
Lifestyle also plays a role in the rental decisions of tenants in prime central London. Tenants are increasingly looking for newly-refurbished, luxury apartments which allow them to be close to where they need to be.
Naomi Heaton, LCP’s Chief Executive, said: “It is very clear that tenants are now looking for smaller units, which offer more affordable prices, but want top quality properties with transport links and amenities on their doorstep.”
She continued: “As the popularity of micro-apartments increases, it may perhaps be time for the Government to review their minimum space standards, introduced in 2014 and cater for what the market really demands”.
In other positive news for London’s prime market, LonRes, a research company which provides real-time information on the property market, announced a slight increase in the number of residential property sales in prime London in the first half of 2017.
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