Location and convenience are proving more important than property size for increasing numbers of prime central London renters, as accommodation budgets tighten.
According to new data from London Central Portfolio, there is a rising demand for smaller ‘micro’ flats and apartments, as individuals and couples opt for location over space.
Renters might need to be in a certain area at a certain time due to work and employment, or if they need to be close to a university or place of study.
The ‘micro-apartment’, defined as one room containing a bathroom, kitchen, living space and sleeping space, is becoming more popular.
In the last year, 42% of properties which have been rented have been one-bedroom apartments or studio spaces, and demand for such accommodation is continuing to rise. However, a different story is true for larger properties in the prime market, as potential buyers look for more space and better value outside of the central areas.
Chief Executive at London Central Portfolio, Naomi Heaton, said: “Tenants are now looking for more affordable options, choosing central locations and an easy commute to work or university. This is reinforcing the new trend for the globally mobile to seek highly specified micro-apartments, with well optimised space”.
Demand for spacious properties is not as high as for smaller properties, and this trend may well continue.
Click the link below for more information: