The number of renters versus buyers in Britain is higher than ever before. By 2021, approximately 25% of households are expected to be renting. Much of the rental activity is centred in London, with demand estimated at almost two million. However, there are fewer build-to-rent homes under construction countrywide, and many of those – almost 30,000 – are in the capital city.
Real estate agents in London concur that ease of commute is a critical priority for renters. In fact the desire for reliable transportation and commuting convenience has seen Londoners increasingly use bikes or boats as alternatives to cars and the Tube. And while renters are willing to compromise with their rental budget, they demand hassle-free travel that saves them time and frustration. For the record, more than half of London’s renters spend over 40% of their income on rent.
Greater London Properties work closely with many buy-to-let investors who make up most of the letting market, with a majority of tenants living in private landlord-managed residences. There is a new trend of building boutique homes incorporating modern architectural elements that resonate with younger, upwardly-mobile renters. A lot of this trend can be observed in build-to-rent developments, which feature duplex lounges, communal spaces, Wi-Fi, contemporary furniture and even 24-hour concierge.