Mayfair agency Pastor Real Estate have noticed a surge in the number of affluent overseas students renting luxury apartments in prime postcodes across Mayfair, Knightsbridge, Kensington and Chelsea.
Reflecting on recent rental activity in PCL, Susan Cohen, Head of Lettings at Pastor Real Estate comments: “75% of our applicants during the past couple of months have been young overseas students. Their budgets bring a whole new meaning to the term ‘student digs’, with a great number of them having from £1000 to £2000 per week to spend.”
Coming from all over the world these students typically look for central modern, newly refurbished apartments located in ‘safe’ locations and close to public transport offering good local amenities. Prices in PCL range from £800 – £1000 per week for new, beautifully furnished one bedroom apartments and from £2,000 – £2,500 for two bedroom apartments. Susan Cohen observes: “Many of our student applicants are studying at London’s best business schools and universities and a surprising number of them have adequate funds for top of the range properties.”
In most cases these students take out 12 month leases and make an upfront payment for the full length of the tenancy giving peace of mind to both tenant and landlord.
In addition to the strong demand from wealthy overseas students, Susan Cohen reports encouraging signs that corporates are now returning to the market after a period where there had been a noticeable decrease in demand. She explains, “We have seen European corporates from France, Italy, Germany and the Scandinavian countries showing confidence in our economy; underpinning the fact that London remains at the hub of worldwide business.”