London’s Leading Estate Agent ‘Knightsbridge Prime Property’ are reporting the highest weekly rental prices ever seen in the capital!
The super-rich who, rather than buying a home in London, are paying tens of thousands of pounds a week to rent one are known as the ‘Uber tenants’. They demand a certain type of property, favouring prime London locations such as Mayfair, Knightsbridge, St John’s Wood or South Kensington.
We’ve seen that Uber tenants tend to require Uber technology. Knightsbridge Prime Property have a wide portfolio of ‘Uber tenants’. In one of the agents most recent letting, the property benefits from mood lighting with on and off sensors, motorised curtains, ambient temperature controls and numerous smart devices throughout the apartment.
Tenants are willing to pay up to £100,000 a week for the right property, and demand for these luxury homes are expected to continue increasing despite rising interest rates, record inflation and Brexit. Just this month, Knightsbridge Prime Property have made a rental agreement with an Uber tenant for £27,000 per week. Knightsbridge Prime Property also predict a further 40% increase in rental demand in 2023 / 2024, with a one year tenancy expected to generate over $1.4m in rent.
Image Courtesy of Nick Smith
£27,000 per week rented by Knightsbridge Prime Property, boutique agency in Mayfair, Interior design by Krailler (Image Courtesy of Nick Smith)
Francesco Gamba, Head of Residential Lettings at Knightsbridge Prime Property explained “we have been blown away with the start to 2023”. A Knightsbridge property, known as one of London’s largest apartments, saw a rental income of £20,000 per week in 2018. This generated our client over a £1M one year lease return! Gamba continues “I am pleased to say we are seeing strong retention and renewals from local tenants, as well as an influx of enquiries from overseas tenants. It is a testament to the London property market and validates London’s crown as a leading location for international business and trade”. Knightsbridge Prime Property expects an LA tech entrepreneur to take a rental property on Cadogan Square at £45,000 a week for a family stay. This offers a six month rental income of £1,170,000! Another renter is a professional poker player who has secured a 14,000 sq ft home in Westminster for £50,000 per week for the months of July-August. The Uber tenant is not only the working professionals, and it is not confined to a particular persona. We are seeing students at Regents University with a passion for amenities and fully-serviced homes to Global CEO’s seeking a special location. If a property ticks all their boxes and they have the ability to move without too many ties, ‘budget’ isn’t in their vocabulary.
Images Courtesy of Nick Smith
The last 24 months have also seen a more lively sales market within London’s Prime Property arena. The international buyer is back in London with a high interest from markets including Asia, the US and the Middle East. Investing in London property has long since been considered advantageous and a ‘safe haven’ for growth with stability across all sectors including the education system, banking and its stringent laws & regulations.
Raj Gill, Managing Director and Founder of Knightsbridge Prime Property summarises the sales market “we are seeing more transactions around the £20m to £50m mark than we have ever seen before and the values we are experiencing show the first real increases since the mansion tax came into play in 2012/14. London has some of the best green spaces, shopping amenities and educational facilities in the world and this will never change, it has been the case for nearly 500 years.”
The Estate Agent of choice for London’s finest homes, Knightsbridge Prime Property is a leading boutique real estate agency covering high-end residential sales and rental properties in all areas of prime central London, Mayfair, Knightsbridge, Belgravia, South Kensington, St John’s Wood, Bayswater.
Enquiries@knightsbridgeestate.com or Call: 0203 691 6235