High-end agency floats 300 square foot 'micro flats' rental idea

High-end letting agency Knight Frank is starting to promote the idea of 300 square foot micro-flats' as a possible renting idea.

The agency used a survey to ask 18 to 24 year olds if they would be happy in a mocroflat - described by the agency as a small studio flat around 300 square foot in size, in a building with communal entertaining space - 45 per cent of those questioned in London indicated that they would consider such an option.

Apparently 32 per cent of 25 to 34 year olds and 37 per cent of 35 to 44 year olds also agreed. The national average, claims Knight Frank, is 27 per cent.

Some 56 per cent of 18 to 24 year olds cited that renting suited their lifestyle needs. About 30 per cent of 25 to 34 year olds in London said the same, as did 27 per cent of 35 to 44 year olds.

Grainne Gilmore, head of UK residential research at the agency, says A significantly higher proportion of Londoners, especially younger tenants, are prepared to live in smaller types of accommodation to ensure they are in a good location at an affordable price.

Gilmore says a higher proportion of Londoners are planning to stay in the rental sector for between one and two years than in the rest of the country. But to assume this shows that the PRS is solely a short-term solution is contradicted by the rest of the findings, which show more than a third of renters surveyed in London expect to stay in the rented sector for between two and 15 years.