New data revealed by London’s coliving property specialist shows how London renters’ priorities have changed when it comes to finding their perfect home – due to the ongoing Covid-19 situation. The research was conducted between 13 to 27 May 2020 and recorded rental enquiries.
“Since restrictions on the rental market were eased on 13 May and we have been able to service rental enquiries coming through, we’ve seen a definite shift in priorities among Londoners. The trends show coliving renters to be shunning the commuter-ease of Zone 2 for the more suburban, spacious offerings that Zone 3 can provide.Alex Gibbs, Co-founder and Director, Built Asset Management
The data released by Built Asset Management (BAM) showed a surge in enquiries for properties in Zone 3, plus a shift in popularity for middle-market price options, recorded since lockdown restrictions were eased on 13 May. There was a 257% rise in enquiries for properties within Zone 3, and BAM has seen a 154% increase in those enquiring for properties with private gardens or shared outdoor spaces.
“There is a definite shift towards a more middle-market price-point where, typically, the higher-end portion of our portfolio has proven most popular.
“This suggests a much more price-conscious rental market coming out of Covid-19. Lockdown has also (unsurprisingly) left renters much more conscious of the outside space around them, with gardens and proximity to parks cited more commonly as a rental requirement than we’ve seen previously.”Alex Gibbs, Co-founder and Director, Built Asset Management
BAM operates over 1,000 rooms within coliving properties across London – high-end, furnished and designed to offer ‘fuss-free’ living to young professionals with bills, cleaning and Wi-Fi included. BAM has housed over 3,500 young professionals across the capital and works closely with developers to exclusively operate Build to Rent properties.
“As time passes, it will be very interesting to see whether these changes are a knee-jerk reaction to the recent events, or whether they represent a more permanent shift in behaviour patterns.
“With much being mooted about a more flexible return to office life, our current view is that a push towards some of London’s less central, more suburban zones is likely to be a change which exhibits some longevity.”Alex Gibbs, Co-founder and Director, Built Asset Management