When it comes to the most sought after property features across the London rental market, the availability of parking or a garage tops the wish list for the capital’s tenants.
The latest research by international rental marketplace Spotahome analysed tenant demand for homes across the capital based on seven sought after features. Spotahome then ranked these features based on the number of rental homes that have already been snapped up as a percentage of all rental stock listed in each borough.
Rental homes with parking or a garage came out on top with a demand score of 26%, while a garden was the next most sought after feature (25%). Outdoor space is clearly a primary concern for London’s renters as homes with a balcony or terrace ranked third (23%).
The availability of nearby amenities such as shops, supermarkets, gyms and swimming pools ranked fourth alongside a property with a porter or security; both scoring 23%.
A rental property complete with furniture was one of the least sought after features (20%), with pet-friendly homes of the least importance to London’s tenants (11%).
Most sought after features by borough
When it comes to the most sought after feature in each borough, a parking space or garage was the most in-demand in the boroughs of Enfield, Brent, Southwark, Hillingdon, Greenwich, Barking and Dagenham and Kingston.
A garden was the most important to tenants in Barnet, Lewisham, Hackney, Harrow, Richmond and Hammersmith and Fulham.
Balconies place top on the rental wish list in Bromley, Redbridge, Tower Hamlets, Havering, Bexley, Westminster, and the City of London. In Kensington and Chelsea, a balcony and parking were equally the most in-demand features.
The demand for external amenities was highest in Newham, Lambeth, Wandsworth and Sutton.
Security or a concierge topped the list in Croydon, Ealing, Haringey, Waltham Forest and Merton, while pet-friendly properties were most in-demand in Hounslow, Camden and Islington.
UK and Ireland Country Manager of Spotahome, Nadia Butt, commented:
“Recent events have certainly seen a spike in demand for outdoor space to help ease the monotony of more time spent at home. However, whilst gardens and balconies remain sought after features, a parking space within the capital continues to be at the top of the tenant wish list.
When planning a move to London or even within London for that matter, it’s important to be realistic about what you will be able to secure in your desired location. A search for green space in the capital’s inner boroughs isn’t going to be as fruitful as rental pockets across London’s outer boroughs. So you may need to compromise with a balcony or terrace if inner London is where you want to be.”