Anna Czaban, Partner and Lettings Manager, Knight Frank Riverside looks at what’s driving the market.
The lettings market is being driven by several factors and trends, some traditional and some emerging new ones. The classics are still in play – tenants want to balance their budget vs location, good transports links, proximity to friends family and, of course, green spaces and good schools.
At the top end of the market there is more emphasis on paying a premium for new riverside apartments, with key considerations being gyms, pools, communal garden spaces, high end furnishings but there’s less of an emphasis on parking spaces.
The more transient nature of the work economy has brought about a new trend that is driving the market. The flexibility of letting allows young professionals the freedom to move according to their places of work and there’s the emergence of flexible work spaces, such as WeWork, which are beginning to become a driving force, with tenants selecting properties near these spaces.
The smart home, which has been around for some time, is also becoming more commonplace as it hits mass market, so premium properties, already tech enabled, are gaining more interest.
Overall, the lettings market has been increasingly quality driven over the past few years and tenants are choosing properties which have been recently refurbished and which are presented in their best possible condition.
We are seeing large numbers of new Riverside apartments being completed and the brand new ones tend to be extremely popular and achieve higher rates. The older developments are still in demand but making sure that presentation is at its best is key to a quick and successful let.