‘Race to suburbia’ and a lack of foreign students see rental demand plummet in wake of Covid-19
Private rents in some parts of London have tumbled by up to 20% as tenants quit the capital, the number of international students plummets and companies put relocation plans on hold.
A glut of rental properties on the market means many landlords have had to slash rents in order to attract tenants. While leading estate agents say average rents in London are down by perhaps 4% on a year ago, or 6% to 7% in the so-called “prime” areas, these figures mask much bigger falls in certain locations as Covid-19 continues to wreak havoc on the lettings market.
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