In fact, 18% of people taking up tenancies in Greater London last year were moving here from other regions, according to Property Reporter.
As well as an increased number of tenants, London has also seen a 10.1% increase in average monthly rent, now reaching £1,515 per month. Outside of London, the average monthly rent for new tenancies is £747. (Figures from HomeLet Rental Index.)
“It’s very encouraging to see just how positive the rental market is in Greater London’” says Jason Dyer of JTM Homes. “With a greater number of people moving to the area and buoyant rental prices, now is a great time to consider letting your property.”
The national statistics support Jason’s view; Rightmove reports that tenant demand for rental property is higher than ever before. Rental enquiries have increased enormously – by 52%.
Sam Mitchell, Head of Lettings at Rightmove, comments: “Rents have grown this quarter in nearly all regions of England and Wales, fuelled by demand outstripping supply in many of the sought after areas, especially in the East of England and the more affordable areas of London.”
If you are thinking of letting your property, make the most of being in the right place at the right time! National research and our local, north London knowledge show that now is a great time to be a landlord Greater London.
Find out more about our landlord services and talk to the team at JTM Homes. We have reliable tenants waiting for great properties. Let’s get started!