A lettings agency with links to Saudi Arabian investors has produced a case study of how faith is returning to the long term lettings sector after the worries of the pandemic.
London and Manchester agency Orlando Reid cites one Saudi Arabian client, for whom they manage 26 properties in apartment blocks located in Belgravia and Knightsbridge.
The prime central London portfolio ranges from one bedroom flats of 431 square feet to three bedroom apartments boasting 2,250 square feet, and with rental values starting at £2,100 pcm up to £8,000 pcm.
Orlando Reid managing director Baljit Arora comments: “Our investor client has recently moved his entire rental portfolio, located in Lyall Street, Lower Belgrave Street and Hans Place SW1, from short to long term lets.
“Having experienced unprecedented void periods during the pandemic from offering only short term lets, a switch to long term rental makes a lot of sense. The long term rental market has come back fighting and demand is consistent with the summer 2020 market.”
Arora says that as travel restrictions have started to shift, London is welcoming back wealthy overseas students to attend universities, which is driving up rental property prices across prime central London.
This, along with more people returning to live and work in the city, is increasing demand across the rental sector, he says.