Growing preference for ‘micro-apartments’ among prime London renters   

Written on 9 August 2017 by Alistair Boscawen in Property News


‘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.  

Belgravia Apartment

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.  

For further information, click the link below: 

Property Wire 

 

 

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

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