New research has revealed that Westminster is the capital’s short let rental hotspot, providing short-term tenants with the greatest level of choice when it comes to rental stock.
Analysis on current rental availability for short-term rentals across the London market revealed which boroughs were home to the highest level of short-term rental stock.
Short-term rentals aren’t everyone’s cup of tea, but they do fill a vital role within the market.
Usually covering a period of six months or less, they provide rental accommodation for those finding their feet in a new location, or working away from home for an extended but not permanent period.
They are particularly vital in major cities such as London, where a vast number of tenants require rental accommodation when first arriving, but don’t want to commit to a full term tenancy agreement until they’ve worked out where they wish to live.
The market analysis by Rentd shows that there are some 66,641 short-term rentals currently listed to let across the London rental market.
Westminster is the capital’s short-term rental market hotspot, with 11% of all available short-term rental properties found within the borough.
Tower Hamlets ranks next, accounting for 8.3% of London’s short-term rental availability, followed by Hackney (7.7%), Camden (6.8%) and Kensington and Chelsea (6.8%).
In contrast, Havering, Sutton and Bexley are home to the lowest levels of short-term rental availability, with each borough accounting for just 0.4% of total short-term stock each.
Founder and CEO of Rentd, Ahmed Gamal, commented:
“Short-term rentals form an integral part of the rental market and for many, they are the vital stepping stone between moving to a new town or city and finding that perfect long term rental property.
For others, they provide a preferable option to hotel living when working away from home for a prolonged period and providing this flexibility is as important as the need for long term rentals within the sector, perhaps more so in major cities such as London.”