Students rule the PCL rental market – LCP
Independently wealthy foreign students have changed the rental market in prime central London, says London Central Portfolio in its annual lettings audit, as monied students have taken up the slack that followed an exodus of financiers when the economy tanked.
LCP’s report – which states that students were responsible for a whopping 41% of the investment firm’s new tenancies over the last 12 months – follows Savills’ interpretation of the corporate rental market last week, which argued that tech workers are reinventing London’s lettings landscape. In the same period, financial tenants dropped to just a 21% share – the lowest on LCP’s records.
Finance professionals traditionally stocked the rental market in the capital’s Golden Postcodes but fell away as the global financial systems melted. In their wake, affluent foreign students have trooped in: their share of the sector doubling from 12% to 29% between 2006 and 2012.