Why is September the hottest month for the London rental market?

While is the Summer months traditionally mark the busiest period for the London rental property market, September marks the peak of activity as there is an influx of students starting university and professionals relocating for work. For landlords with vacant properties, this month presents a golden opportunity to secure tenants at the asking rent or even more. If you have a well-furnished property in a sought-after location, don’t be surprised if a tenant offers a higher bid than the initial offering.

So, what makes September stand out on the rental calendar as one of the busiest months? In this blog, we take a look at the factors that lead to this surge in lettings activity and how we can help you capitalise with our tailored and wide range of lettings services.

The student rush for accommodation

September marks the start of university in the UK, and London is home to some of the world’s most sought-after universities. As limited accomodation is available on campus, many overseas students and their parents look towards the private rental sector to secure a good home for the academic years. Additionally, private rentals can offer better amenities and privacy, making it a top choice for many students over on-campus hostels.

Universities such as ICL, UCL, LSE, King’s College, City University and others attract thousands of students each year, creating a high level of demand in a competitive lettings market where demand is always greater than supply. We recently put out a list of new properties near some of London’s top universities for landlords looking to capitalise on the student demand in the city.

Corporate relocations

As Europe’s key financial centre, London receives the highest number of corporate relocations in September as overseas business corporations send their executives towards the end of English summer. The accommodation responsibility of these skilled professionals is usually handled by the HR teams of their company who look for properties with fixed-term contracts close to the office. Business districts such as Canary Wharf, the City of London, Shoreditch, etc, see an uptick in demand during this time.

Properties in these areas that are dressed and furnished well, offering premium facilities like concierge services, gyms, and proximity to transport links are particularly in high demand. At Benham & Reeves, we have a dedicated China & Japan Desk to cater to the property needs of these global corporations. Our regional lettings teams, equipped with staff fluent in Mandarin and Japanese, work closely with these companies that can offer attractive rents for preferred properties.

Tips for landlords

Although the location of your property and the amenities within or around it will mostly determine how much rent you can expect or how fast the property gets let out, there are a few things you can do as a landlord to make the most of this September rental frenzy.

Market your property early

As overseas students and professionals start landing at Heathrow, now is the right time to get your property listed online. With 21 branches across the UK capital, we can ensure your property reaches the right applicants.

Keep the rent competitive

Landlords are always tempted to ask for high rents. However, checking other similar properties listed in the area and setting a realistic ask can help you let the property much quicker.

Highlight the key features

Whether it is access to a nearby Tube station for a smooth commute, exceptional on-site amenities or any other feature that makes your property stand out from the rest, don’t hesitate to emphasise the USPs of your property.

Get a professional lettings agent

Instructing a reputable lettings agent makes a big difference to the landlord experience in London. Many corporates have a mandate that only allows them to consider professionally managed properties that come with a range of services.

We have been helping landlords in London secure the best rental deals for over 65 years. Whether you have a property ready to hit the market this month or are interested in getting one, contact us.