With the increasing demand for small homes in central areas of London, the average rental rate for a day for a two bedroom flat has topped the £100 mark. In a report from theguardian.com, the average rent for a two bedroom flat had reached £707 a week, while a one bedroom is at £452.
The numbers were reported by London Central Portfolio, a property investment firm. The highest rate was in Knightsbridge, which listed a two bedroom flat at £848 a week. These rates were followed by Kensington as well as Notting Hill, which averaged at £768.
According to LCP CEO Naomi Heaton, as quoted by lettingagenttoday.co.uk, "The key dynamic in this marketplace remains 'location over size'. The squeeze on rents during the credit crunch as corporate underwent stringent belt tightening has not relaxed, meaning that smaller properties remain the most popular amongst corporate tenants. The huge influx of international students, often living on their own, adds to this demand. Around 80 per cent of properties rented in prime Central London are one or two bedroom units."
The one bedroom flats in prime Central London, according to LCP, are the most attractive type of housing for tenants. The average turnaround between tenancies is just a little over two weeks or 16 days. Two bedroom flats on the other hand, averages 24 days for turn arounds.
The most affordable areas to rent, according to a report from economicvoice.com, still within the prime Central London area are North and South East of Hyde Park. The lowest average rent per week was at just £538 and these are in the locales of Bayswater and Paddington. Other affordable areas include Marylebone and Fitzrovia at £429 per week for a one bedroom home while a two bedroom in Pimlinco averages at £641 per week.
