Rents rocket on capital's flats as demand soars
Squeezed: demand for rentals has soared as banks refuse first time buyers, but now agents say the rental market is become more exclusive too
11 April 2012
The UK's largest quoted residential landlord today said booming demand for scarce rental properties in and around the capital was pushing up rents by nearly 15%.
Grainger's £500 million G:res1 fund, which owns around 2000 properties aimed at young professionals in London and the South-east, achieved rent hikes of 14.8% on new lets in the quarter to December 31.
"London is a different economy so demand is high. Lack of availability of mortgages and the high deposits needed are also factors," a spokesman said.
Grainger owns and manages more than 21,000 properties in the UK.
