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New proptech firm Residently reveals London’s rental hotspots

Property Markets / Outlook

England / London

Jun 22 2018

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New proptech firm Residently has revealed London’s rental hotspots.

In particular, which areas are letting the quickest and which are causing landlords to lose vast sums due to their property sitting on the market for months on end. The next-generation rental brand, which guarantees consistent, long-term rental income for its landlords, could save owners in London’s Westminster over £14,000 in lost income over a period of five years. The data, which includes one and two-bedroom properties, shows that South East London on the whole has the quickest-letting homes, whilst West London properties are the slowest to shift.
 
Trevor Stunden, CCO at Residently, comments; “We understand what the modern-day landlord wants from their investment: regular rent paid on time, reliable tenants and minimal fuss. We pride ourselves on protecting landlords’ investments with a long-term commitment, which in turn provides them with guaranteed rental income.”
 
“We don’t charge admin fees and all our tenants undergo a detailed vetting process, meaning we only place reliable residents in Residently properties. We have fundamentally aligned our interests to that of our landlords.”
 
South East London has been revealed as the place to be if you are a landlord in the capital, with a high volume of properties averaging 29 days on the market before letting. SE11, which covers parts of Vauxhall, Kennington, Oval and Lambeth, in particular offers excellent transport links, with most residents only 0.2 miles from the nearest tube station. Consequently, the area’s void costs are low, on average £1,315 per lease* and £4,605 over five years.
 
EC4Y is London’s quickest postcode to let. The area, which stretches between Temple and Blackfriars, has a very limited number of homes on the market, meaning available homes are snapped up within 20 days. E1 and E14 are also strong areas for rentals, with properties taking 28 days and 24 days to let respectively.
 
At the opposite end of the spectrum, homes in Mayfair’s W1K postcode, occupy the rental market for 98 days on average before a tenant is placed, with landlords out of pocket by a whopping £20,284 over five years. Neighbouring SW1A, which is home to Buckingham Palace, has London’s slowest-letting properties, with homes sitting on the market for over 140 days and landlords out of pocket by up to £4,122 per lease or £14,393 over five years. 
 
West London on a whole is the worst performing area, with properties taking on average 56 days to let. W8, which covers Kensington, is this area’s poorest performing postcode, with homes often sitting on the market for nearly 90 days before a tenant is secured. As a result, landlords operating in the area could be losing over £7,500 in five years. Kensington’s over-supply of rental properties and slowing demand from international tenants has made it much harder for landlords to secure a reputable tenant.
 
Residently, who currently operate in London zones one and two, understand the hassle that comes with letting out a prized asset. By becoming a company tenant on a multi-year lease, Residently can provide income certainty and eliminate the risk of lengthy and potentially very expensive void periods.
 
Trevor Stunden continues; “We have dealt with a number of landlords who have been quoted higher rental values by high street agents but have chosen us because of our ability to guarantee their income. Void periods can be extremely costly, and landlords are wising up to the long-term security that we can provide.”
 
The rental brand also takes away the hassle of finding and managing tenants, with all tenants being vetted thoroughly in the company’s tenant profiling system. Residently then manages the property on behalf of the landlord, overseeing everyday issues and offering tenants add-on services including housekeeping, laundry, floristry and even artwork curation.

Image: Knightsbridge Audio Visual
 
Trevor continues; “We have just begun marketing an apartment on Wigmore Street in Marylebone. Our rental guarantees mean we have potentially saved that landlord up to £7,322 in void periods over our five-year relationship. It’s a no-brainer”.
 

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