Due to the proposed increases in University fees over the next year the demand for flats for rent in Bloomsbury has significantly increased in correlation. Almost half of the current residents in Bloomsbury are young University students and the academia that accompanies them. Increasingly more University students and young professionals are being drawn to this area and there is an ever increasing need for one and two bedroom flats with short rental agreements to house them.
Over the past year the number of lets for individuals and corporate tenants has increased by twenty percent, especially in the middle of the market, one and two bedroom flats where the number of available units is increasingly low. Recent redundancies in the City have been reflected in a significant number of professional sharers dropping their shared lets in order to seek mid-ranged one bedroom properties where they are the sole renter, instead of the previous interest in splitting costs via a share.
Renewal rental rates have increased by forty percent over the course of the last year due to several different factors. Achievable rents (the highest possible rent someone would be willing to pay for an accommodation) have increased ten to fifteen percent which encourages tenants to renew their current lets instead of attempting to find a different property. Secondly, the lack of one and two bedroom flats available in the mid-range market. Finally: the decreased ability for individuals and the increased difficulty of obtaining financing for the purchase of a new property. On the contrary, single family flats, houses, and flats with more than 2 bedrooms have are continuing to have a steady rate of rental renewal and this appears to be a trend that will continue long into the future.
There has been no indication that rental renewals will be reduced over the course of the next year due to the economic situation globally, it is critical to note that London has significant impact on the financial world and is well known for being one of the safest cities to live in, which encourages people from all over the world to take the opportunity to visit or find work in the area. Combined, these qualities make London an excellent choice for landlords looking to invest in future projects, specifically in one and two bedroom flats in Bloomsbury.
All resources indicate that as we lead up to the 2012 London Olympics we will continue to see an increase in demand for short term housing as well as an increased demand for tenancies with a minimum of three months. During the next year many companies are going to be working to take advantage of the financial advancement that the Olympics will potentially offer however, only a very small number of these companies will see substantial compensation for their efforts. The opportunity for being a part of those successful few is available to any landlord who wants to invest a little more of themselves into the property of London.
Over the past year the number of lets for individuals and corporate tenants has increased by twenty percent, especially in the middle of the market, one and two bedroom flats where the number of available units is increasingly low. Recent redundancies in the City have been reflected in a significant number of professional sharers dropping their shared lets in order to seek mid-ranged one bedroom properties where they are the sole renter, instead of the previous interest in splitting costs via a share.
Renewal rental rates have increased by forty percent over the course of the last year due to several different factors. Achievable rents (the highest possible rent someone would be willing to pay for an accommodation) have increased ten to fifteen percent which encourages tenants to renew their current lets instead of attempting to find a different property. Secondly, the lack of one and two bedroom flats available in the mid-range market. Finally: the decreased ability for individuals and the increased difficulty of obtaining financing for the purchase of a new property. On the contrary, single family flats, houses, and flats with more than 2 bedrooms have are continuing to have a steady rate of rental renewal and this appears to be a trend that will continue long into the future.
There has been no indication that rental renewals will be reduced over the course of the next year due to the economic situation globally, it is critical to note that London has significant impact on the financial world and is well known for being one of the safest cities to live in, which encourages people from all over the world to take the opportunity to visit or find work in the area. Combined, these qualities make London an excellent choice for landlords looking to invest in future projects, specifically in one and two bedroom flats in Bloomsbury.
All resources indicate that as we lead up to the 2012 London Olympics we will continue to see an increase in demand for short term housing as well as an increased demand for tenancies with a minimum of three months. During the next year many companies are going to be working to take advantage of the financial advancement that the Olympics will potentially offer however, only a very small number of these companies will see substantial compensation for their efforts. The opportunity for being a part of those successful few is available to any landlord who wants to invest a little more of themselves into the property of London.
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