London rents exceed pre-pandemic levels with average weekly rent £751
Rents in the capital have soared as Covid restrictions have eased, with the average weekly rent now standing at £751.
Data from estate agency Chestertons has found that the average rent has soared 21 per cent since 2020 when the average cost for renters was £589.
Demand has increased thanks to renters returning to the city for office jobs as well as the return of corporate tenants looking in pricier areas like Mayfair.
A squeeze on available properties to rent has also pushed up prices, the estate agency said.
Chestertons said its 31 branches saw a lift in tenant enquiries of 51 per cent in January compared to January 2021.
At the same time, the number of new rental homes coming onto the market decreased by 25 per cent.
There was also a 19 per cent boost in the number of tenants renewing their current rental agreement.
London rents have rebounded after many landlords slashed their prices in order to fill rooms after many people left the capital during the various lockdowns to stay with family.
Richard Davies, Chestertons’ head of lettings, said: “Tenants who secured a property at a discounted rental rate during the pandemic are keen to hold on to this deal as long as possible, particularly in the face of rising living costs. With the return of office workers, international students and corporate tenants alike, London’s rental market has seen unprecedented demand that is outstripping supply.
Hot competition for London properties has meant that many potential tenants have started to offer landlords more rent than is being asked for in a bid to secure a place to live in the capital, Davies added.