uk tenant survey 2014

RESIDENTIAL RESEARCH
UK TENANT
SURVEY 2014
PRIVATE RENTED SECTOR RESEARCH
WHAT TENANTS WANT
WHERE ARE THE IDEAL
RENTAL PROPERTIES?
AFFORDABILITY VS LOCATION
KEY FINDINGS
Affordability and proximity to
work and transport links are the
key considerations for tenants
looking for a new rental property
The maximum proportion
of their income tenants are
prepared to pay on rent each
month is 40% on average.
More than one in ten (11%)
Londoners are prepared to pay
more than 50%
Nearly a third (32%) of tenants
say they are living in the private
rented sector because it suits
their lifestyle and/or they don’t
want a mortgage
Half of tenants are willing
to pay a slightly higher rent
for allocated off-street
parking, while 34% will pay a
rental premium for a concierge
and/or 24 hour security
TENANT SURVEY
The Knight Frank UK Residential Tenant Survey is the
largest survey of its kind, highlighting the priorities of
tenants across the country.
Our survey confirms the views of more
than 3,500 people aged 18+ living in
privately rented accommodation across
Britain. The findings help identify the key
factors currently driving the rental market,
and provide crucial information on how the
sector may develop in the future.
The survey mirrors the rental market in
Great Britain, with a weighting towards
those aged between 25 and 34, as well as
a bias towards those in living urban areas.
It examines the priorities of tenants across
the country when it comes to choosing a
rented home, as well as looking at their
preferences should they move into
a purpose-built rented development.
Alongside this is an investigation into
rents; how much of their income tenants
are prepared to pay and what services
and amenities for which they are prepared
to pay a higher rent or additional charges.
The results are a new and timely insight
into the UK’s burgeoning private rented
sector, and highlight the key trends as the
market moves into a new phase with the
advent of more large-scale investment.
A GROWING SECTOR
The private rented sector (PRS) has
become a more dominant tenure over
the last 10 to 15 years. There are
now more privately rented dwellings
than socially rented homes, and the
sector is second only in size to owneroccupied housing. The growth in the
private rented sector pre-dates the
housing crash of 2007/08 although
the financial crisis has augmented the
trend. In fact the real rise of the PRS
started just after the turn of the 21st
century, aided by the sharp rise in the
availability of buy-to-let mortgages,
allowing consumers access to direct
investment in the property market.
The dynamics of the housing market,
where supply has failed to keep up with
demand which in turn has played a role
in pushing up house prices, has also put
home ownership beyond the reach of
many young workers, especially in key
employment hubs. This, coupled with an
increasing mobile and flexible workforce
has led to rising demand for privately
rented property.
FIGURE 1
How the private rented sector has grown
Proportion of dwellings, UK
8m
20m
GRÁINNE GILMORE
Head of UK Residential Research
“Our survey shows that the
majority of renters do not
view the PRS as just a
“short-term” move. Less
than a quarter of tenants
expect to leave the sector
within two years.”
2
Rented
6m
15m
5m
4m
10m
3m
2m
5m
1m
0m
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
PRIVATELY RENTED
RENTED FROM HOUSING ASSOCIATION
Source: Knight Frank Residential Research / DCLG RENTED FROM LOCAL AUTHORITY
OWNER-OCCUPIED (Right hand scale)
0
Owner-occupied
7m
RESULTS
When looking for rented accommodation,
the overriding priority for tenants of every
age group and in every region is
affordability. Nearly two-thirds of our
respondents said this was their main
concern when compared to location or
space in the property. Around a quarter
said that location was the most important
factor when choosing a rental property,
while 10 per cent said that the size of the
property was the key consideration.
FIGURE 3
FIGURE 4
Proportion of tenants happy to live
in studio flat in central location to
ensure a more affordable rent
What is the maximum percentage
of g
ross monthly income you are
willingto pay on rent?
35%
Tenants in
London
Under 25s
53%
42%
Tenants
in West
Midlands
FIGURE 2
Which is most important when choosing
privately rentedaccommodation?
GB
average
40%
Don’t know
10%
23%
TENANT
PRIORITIES
AFFORDABILITY
65%
Source: Knight Frank Tenant Survey 2014
Figures may not add up 100% due to rounding
Those earning between £30,000 and
£35,000 a year were slightly above
average in their concern about affordability
(67%). Moving up the income scale
however, location becomes a bigger
priority, with 39% of those earning
between £50,000 and £60,000 a year
citing this as their main concern.
Examining the trade-off between
affordability, location and space in more
detail in figure 2 shows that more than a
third (36%) of tenants would be happy
to live in a smaller space, in this case a
studio flat with communal entertaining
space, in what they considered to be a
central location in order to make the rent
more affordable. More than half of those
surveyed aged under 25 in the private
20%
15%
10%
5%
Up to 30%
20%
40% Up to 50%+ Don’t
know
50%
Proportion of pay
Plenty
Source: Knight Frank Tenant Survey
2014
of space
Source: Knight Frank Tenant Survey 2014
Location
10%
rented sector (53%) would be happy to
Location
choose this type of flat to ensure their rent
is affordable.
23%
Location
LONDON
25%
0%
36%
3%
Plenty
of space
ALL GB
25-34 GB
30%
Proportion of respondents
Tenant priorities
It is also notable that across all
geographical locations, the largest
proportion of those who said they would
live in a studio flat under
the circumstances
TENANT
PRIORITIES
above lived in London
(42%), followed by
those living in the West Midlands (40%).
Some 34% of
Londoners said they would
AFFORDABILITY
live in a “micro-flat”, a smaller studio space
with communal entertaining space, if it
made the rent more affordable for living in
their perfect location.
65%
Rents
Plenty
of space
25%
10%
When asked how much of their gross
income they would be willing to pay on rent,
the average response was 40%.
There are some significant regional variations
in these results. Only 17%TENANT
of those in the
North East would spendPRIORITIES
more than 40%
of their salary on rent, but this more than
doubles in the South
West, to 32%. In
AFFORDABILITY
London and the South East, around a fifth
(22% and 20%) of respondents are prepared
to pay between 40% and 50% of their
income on rent, while one in ten Londoners
65%
FIGURE 5 Which of these are important to you when choosing a rental property?
% of respondents who identified each factor
85%
55%
53%
51%
34%
33%
Affordability
Close to
work/
university
Close to
transport
links
Close to
shops
Close to
friends and
family
Close to
amenities
(cafes, gym etc)
12%
Close
to good
schools
Source: Knight Frank Tenant Survey 2014
100%
90%
3
TENANT SURVEY 2014
(11%) are prepared to pay more than 50%,
underlining the cost of renting in the Capital.
Nearly a quarter (23%) of those aged
under 25 are also prepared to pay between
40% and 50% of their monthly pay on
rent, highlighting the relatively weaker
earning power of those just starting out
in their careers against the cost of renting
a property.
There is also evidence of a rent “ceiling”,
even for those on higher earnings. While a
third of those earning between £20,000
and £25,000 a year said they would pay a
maximum of between 30%- 40% of their
income on rent, less than a quarter (24%) of
those earning between £45,000 and
£50,000 a year said the same. Even if their
income rises, there is still a natural limit to
Close to transport links
(e.g.are
trainprepared
station, tube stop,
bus stop
etc.)
what tenants
to pay
on rent.
Within reasonable proximity to where I work/study
Affordable/within my budget
FIGURE 6
How priorities change with age
100%
80%
60%
available to those living in alternative
rented accommodation, such as a
concierge or in-house cleaning service.
The majority of tenants (78%) surveyed
would like to live within 1km or closer to
their nearest transport link, be it a railway
station or bus stop, with 34% saying they
would like to live within 500m, or roughly
a six-minute walk away.
While 27% of respondents said they
would pay a higher rent for a fully
furnished flat, there was a significant age
bias, with more than 53% of under-25s,
and 32% of 25-34 year olds saying they
would pay higher rent for this. Across
earnings brackets, 31% of those earning
between £25,000 and £34,999 a year said
they would pay extra for a furnished
property, falling to 14% for those earning
between £45,000 to £49,999 a year.
However the proportion rises again for
those earning £100,000 plus, with 29% of
these respondents saying they would pay
extra. Around a third of respondents said
they would pay a higher rent for a gym in
or close to the building.
The changing rental sector
There has been a rise of large-scale
investment into the rental sector in the
UK over the last year or two, with
organisations such as pension funds and
insurance companies becoming much
more interested in the PRS as a means of
securing long-term income streams.
This type of investor is looking for rental
blocks rather than individual rental
properties, in line with the more mature
private rented sector market in the US.
When we asked tenants what services
they would consider paying a slightly
higher rent for in such accommodation,
the highest proportion said that they
would pay a rental premium (50%) for
allocated off-street parking.
The survey suggests that more people
would rather pay a slightly higher rent for
inclusive parking than pay an extra charge
each time they use an allocated space.
Affordable/within my budget
Close to transport links
Within reasonable proximity
to where I work/study
18-24 25-34 35-44 45-54 55-64 65-74 75+
AGE
Source: Knight Frank Tenant Survey 2014
Choosing a property:
E THAN 5 KM
MOR
2-5 KM
WITHIN 1KM
IN 750 MET
ITH
RE
W
0
0
5
M
N
ET
HI
50 M
2
N
S
Breaking down the results by age, it is
clear that young professionals value living
close to their office, fitting with the trend
we are seeing for demand for city centre
private rented sector accommodation.
Nearly three-quarters (73%) of those under
25 and two-thirds (66%) of 25-34 year olds
How far from the nearest transport linkwould you like to live?
S
RE
ETRES
After affordability is factored in, it is clear
that location plays a crucial role. Some 55%
of respondents said that having a rental
apartment or house close to where they
work or study was important, with more
than a half also identifying proximity to
transport links, shops and other amenities
as a priority.
FIGURE 7
WI
T
WITHI
0%
said that when looking for a rental property,
being within reasonable proximity of where
they work and study was a key priority.
Around 58% of those aged under 35 also
said that being close to transport links was
important, compared to the average of
53%. This underlines the urban nature of
the growth in the private rented sector, and
suggests that this trend will continue.
Purpose-built rental blocks can come with a
range of extra facilities not generally
40%
20%
RESIDENTIAL RESEARCH
14% WITHIN 250 METRES
20% WITHIN 500 METRES
17% WITHIN 750 METRES
27% WITHIN 1 KM
11% 2-5 KM
1%
MORE THAN 5 KM
9% Don’t know/No preference
Source: Knight Frank Tenant Survey 2014
5 KM+
2-5 KM
WITHIN 1KM
4
TENANT SURVEY 2014
RESIDENTIAL RESEARCH
FIGURE 8 Which
services in purpose-built privately rented accommodation will
command a higher rent % respondents who would pay higher rent for service
60%
ALL
18-24
25-34
% respondents
50%
40%
30%
20%
10%
0%
Allocated
off-street
parking
Swimming
pool
24-hour
concierge/
security
Additional
storage
Gym
Fully
furnished
flat
Allocated
on-street
parking
Cinema
room
Residents
entertaining
space
Source: Knight Frank Tenant Survey 2014
60%
% respondents
Around 40% said they would pay an extra
50%
charge to use additional storage facilities,
40%
while
a third said they would pay an extra
charge for “in-house” cleaning of their flat.
30%
20%
Future market:
10%
There
is a clear link between the
availability of mortgage finance and the
0%
rental sector. When asked why they were
renting, most tenants said that saving for
Allocated
off-street
parking
Swimming 24-hour Additional
pool
concierge/ storage
security
a deposit for a home loan was a factor,
ALL as
18-24
shown in figure 12. But this may only
be a
25-34
part of the story. Some 32% also said
that
they liked the flexibility of living in the
private rented sector and/or they didn’t
want a mortgage. This seems to reflect the
rising trend of those who like the flexibility
of renting, especially among the younger
professionals working in urban locations.
Well over a third (37%) of under-25s said
that renting suited their lifestyle.
Gym
Fully
Allocated
furnished on-street
flat
parking
Cinema
room
“The rising significance
of the private rented
sector is creating
many opportunities for
investors, especially as
we are starting to see
the advent of large-scale
professional landlords.
In order to make the right
investment decisions, 1%
70+
finding out what tenants
3%
want and need is crucial.
This report aims to
answer those questions.”
30’s
60’s
TIM HYATT,
12%
Head of Residential Lettings, Knight Frank
10%
When asked how long they were likely
to stay in the rental sector, nearly a
quarter of respondents (24%) said they
were unlikely to ever move out of privately
AGE OF
rented accommodation.
50’s
26%
Residents
entertaining
space
BUYERS
40’s
WHAT TENANTS WANT…
48%
60
From property managers and lettings agents
50
% respondents
Transparency is the most prized quality
for40a lettings agent among tenants, our
survey
shows. More than half of
30
respondents (54%) said that being
20 about charges and the deposit
clear
was one of the three most important
10
factors, scoring well above the actual
fees
0 charged by the agent (42%).
This gives some indication that tenants
understand the competitive nature of
Allocated
Swimming
24-hour
Additional
the market
when
it comes
to fees,
but
off-street
pool
concierge/
storage
parking able to clearly
security
value being
determine
what those fees are. Speedy response
times to queries and being easily
UNDER 16
16-24
25-34
contactable are the next most important
qualities, tenants say – as shown in
figure 9.
Being easy to contact should be the
key priority for property managers, our
survey suggests. Some 46% of tenants
said that being easily contactable by
phone and email is the best quality,
followed closely by being committed
to responding to any tenant enquiries
within 24 hours.
FIGURE 9
ALL
What are the most important
18-24
25-34
qualities for a good lettings
agent
FIGURE 10
What are the most important
qualities for a good property
manager
54%
Transparency
Easily contactable via phone/e-mail
42%
46%
Competitive fees
43%
Straight-forward/honest with tenants
37%
Quick responses to any queries
43%
Responds to any queries within 24 hours
39%
Sends/uses reliable contractors
Gym
Fully
furnished
flat
32%
Allocated
Cinema
Residents
on-street
room
entertaining
Easily
contactable via phone/e-mail
parking
space
30
%
35-44
Member of a trade body (e.g. ARLA)
45-45
55-64
65+
37%
Ensures repairs and cleanliness
in communal areas
27%
Good knowledge of rental properties
29%
Provides support to tenants
14%
Good communication skills
16%
Clear out-of-hours contact details
13%
Offices open longer hours
and at weekends
14%
Friendly
13%
Good knowledge of the local area
5%
Good knowledge of rental properties
3%
Good knowledge of the local area
Respondents chose up to 3 most important attributes
Source: Knight Frank Tenant Survey 2014
Source: Knight Frank Tenant Survey 2014
5
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A further 36% said they would remain in
the sector for more than two years, as
shown in the chart opposite.
FIGURE 11
How long do you plan to continue living
in privately rented accommodation?
The results show that a notable proportion
of those aged 35-44 are in no hurry to
move out of the rental sector, with a fifth
(24%) saying that they would stay in the
rental sector for more than three years and
26% saying they will always rent privately.
Family size also seems to have a bearing
on respondents’ attitudes to staying in the
rental sector. While a quarter (25%) of
people with no children in their household
said they would probably always rent
privately, this falls to 19% for families with
three or more children.
The results show that the private rented
sector is10not considered
15
20 by the
25 majority
of renters to be just a “short-term” move.
Only 24% of tenants expect to leave the
sector within two years.
Up to a year
RESIDENTIAL LETTINGS
2-3 years
Tim Hyatt
Head of Residential Lettings
+44 20 7861 5044
tim.hyatt@knightfrank.com
3-4 years
4-5 years
Lucy Jones
Head of Lettings Investments
+44 20 7861 1264
lucy.jones@knightfrank.com
5-10 years
10-15 years
15 years+
but will buy
Will always
rent privately
RESIDENTIAL CAPITAL MARKETS
James Mannix
Head of Residential Capital Markets
+44 20 7861 5412
james.mannix@knightfrank.com
Don’t know
0%
5%
10% 15% 20% 25%
Source: Knight Frank Tenant Survey 2014
32%
Why are you renting?
27% 28%
Tim Treadwell
Partner, Residential Capital Markets
+44 20 7861 5416
tim.treadwell@knightfrank.com
44%
Adam Burney
Associate, Residential Capital Markets
+44 20 7861 5170
adam.burney@knightfrank.com
Up to a year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
10-15 years
15 years+
but will buy
Will always
rent privately
44%
Saving for
a deposit
Gráinne Gilmore
Head of UK Residential Research
+44 20 7861 5102
grainne.gilmore@knightfrank.com
1-2 years
FIGURE 12
17%
RESIDENTIAL RESEARCH
UP TO A YEAR
KnightMON
Frank
Residential
TUES WEDS
THURS FRI Research provides
strategic
1-2 advice,
YEARS consultancy services and
MON TUES WEDS THURS FRI SAT
forecasting to a wide range of clients worldwide
2-3 YEARS
MON TUES
WEDS THURS FRI
including
developers,
investors, funding
3-4 YEARS
organisations,
corporate institutions and the
MON TUES WEDS
public sector.
All our clients recognise the need
4-5 YEARS
MON TUES WEDS
for expert
independent advice customised to
5-10 YEARS
their specific
MON TUES needs.
WEDS THURS
Don’t know
Don’t meet
criteria for
mortgage
Live in location
where can’t
afford to buy
0% 5% 10% 15% 20% 25%
Suits lifestyle/
Don’t have
don’t want
a mortgage
mortgage
deposit
Source: Knight Frank Tenant Survey 2014
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 3,525 GB adults aged 18+. Fieldwork was
undertaken between 30th July - 11th August 2014. The survey was carried out online.
MON TUES
MON TUES
10-15 YEARS
15 YEARS+ but will buy
WILL ALWAYS RENT PRIVATELY
MON TUES WEDS THURS FRI SAT SUN MON TUES WEDS THURS FRI
DON’T KNOW
RECENT MARKET-LEADING RESEARCH PUBLICATIONS
The private rented sector index, encompassing key city markets across the
UK, shows that initial gross yields have fallen slightly but capital growth has
stepped up, resulting in higher total returns in the year to Q2 2014. Grainne
Gilmore examines the latest trends in the market.
Private Rented Sector
Report 2014
Rental growth has not quite kept pace with
the rise in capital values however, with
average rents increasing by 2.6% in the year
to Q2. This is down from a rise of 2.9% in
2013. However the regional picture varies.
London has seen rents picking up over the
last six months from a low base. While there
has been a slight moderation in regional
The index is comprised of rental data
collected from large rental single-block
properties classed as prime, median and
economic. The classification of these blocks
takes into account location, monthly rents
and also the type of unit on offer – a prime
block will have units in the most desirable
areas. In contrast, economic blocks are the
least expensive for tenants, but their capital
value is also lower, indicating higher initial
yields for investors.
FIGURE 1
FIGURE 2
The rental value index approached its
pre-Lehman Brothers peak recorded
in March 2008
The high number of new tenancies
agreed in September meant the total
in the first nine months was 48% higher
than 2013.
Rental yields rose to 2.84%, increasing
by the largest amount in more than
three years
Annual rental growth
Rental yield
Source: Knight Frank Residential Research
Private Rented Sector
Index Q2 2014
Knight Frank Research Reports are available at KnightFrank.com/Research
0.5%
0.0%
+24%
2.7%
New
prospective
buyers
-0.5%
-1.0%
-1.5%
2.6%
-2.0%
Tenancies
agreed
Tenancies
commenced
Jul-14
Viewings
Source: Knight Frank Residential Research
-2.5%
Apr-14
New
prospective
tenants
2.5%
Jan-14
For the latest news, views and analysis
on the world of prime property, visit
Global Briefing or @kfglobalbrief
2.0%
1.5%
1.0%
2.8%
+19%
Oct-13
Follow Tom at @TomBill_KF
2.9%
Jun-14
Leeds
Bristol
London
Zone 1
London
zones 2-3
London
zones 4-6
Glasgow
Rental yields also continued their recovery in
September, rising from 2.82% to 2.84%. It is
not high by historical standards but it was the
largest monthly increase in more than three
years.
Annual rental growth and yields climb
+55%
+48%
Head of London Residential Research
“The rental value index is fast
approaching the pre-Lehman
Brothers peak recorded in
March 2008”
Manchester
Annual growth for rental values in the £1,500
per week and above category was 1.9% while
it was 0.9% for properties below that figure.
3.0%
Birmingham
Leeds
Bristol
London
Zone 1
Glasgow
London
zones 2-3
London
zones 4-6
Source: Knight Frank Residential Research
While there is no marked trend of vendors
deciding to become landlords and buyers
becoming tenants, it is happening to some
degree and there are increasing instances of
properties being marketed to both the sales
and rentals market.
FIGURE 2
FIGURE 1
TOM BILL
0%
0%
The rentals market will also benefit as the
uncertainty of next May’s general election
dampens demand to some degree in the
sales market.
Feb-14
3%
Meanwhile, the high number of new tenancies
agreed by Knight Frank in September meant
the total in the first nine months of the year
was 48% higher than 2013 while the number
of tenancies commenced was up 55% over
the same period.
Mar-14
9%
6%
2%
months of the year was 19% higher than the
same period in 2013.
Sep-14
6%
Similarly, the rental value index is fast
approaching the pre-Lehman Brothers peak
recorded in March 2008. Rental values fell
before rising in 2011 to exceed that peak due
to a supply squeeze but had been in decline
since September 2011 until the start of this
year due to the fragile UK economy.
The rental market recovery
Q2 2014
Q4 2013
12%
4%
Last month, the Office for National Statistics
said the country’s economy was 2.7% larger
in the second quarter of the year compared
to its pre-crisis peak. It also revised its
second-quarter growth figure higher to 0.9%.
January to September: 2014 vs 2013
15%
8%
The recovery, which began at the start of the
year, comes as the UK economy returns to
health after the financial crisis.
The number of new prospective tenants in
September was 22% higher than the same
month last year and the total for the first nine
Average capital growth
Q2 2014
Q4 2013
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on the world of prime property, visit
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An increase of 0.2% took annual growth to
1.6%, which is the highest rate in two and
a half years as the rental market in prime
central London continues to recover.
Year to end of Q2 2014
10%
“Yields in the regional cities
are outperforming those in
London. With the pace of
capital growth stepping up,
total returns are rising.”
Rental values in prime central London
rose for the seventh consecutive month in
September, though at a slower rate than in
recent months.
An increase of 0.2% in September
took the number of consecutive monthly
rises to seven
Aug-14
Average initial gross yields
Q2 2014
GRÁINNE GILMORE
Rental values climb as UK economic recovery strengthens and yields
increase by the most in more than three years
SEPTEMBER 2014
Annual rental value growth was 1.6%,
the highest rate in two and a half years
DOWN
The Wealth Report
2014
As a result, gross yields have been
compressed slightly across the sector,
falling to 6.6% in Q4 2013 to 6.4% in Q3
2014 taking the net yield from 4.9% to
4.8%. Returns are also regionalised, with
the average gross yield in Manchester and
Birmingham at 8.2% and 8.1% respectively,
compared to a gross yield of 4.3% in
central London (chart 2). The average net
yield across the index is 4.8%, while the
total return is 12.1%, up from 11.3% in Q4
last year.
Head of UK Residential Research
Follow Gráinne at @ggilmorekf
RENTAL PERFORMANCE
2013
Capital growth has accelerated in every
area we monitor over the last six months,
with the exception of central London, where
annual growth slowed from 9.5% in Q4 2013
to 7.6% in Q2 this year. However the outer
zones of London experienced the biggest
growth in capital values, with an average
13.5% rise in zones 3-6 rising in value by
13.5% and blocks in zones 2 and 3 rising by
an average of 12.9%. (chart 1)
rental growth, these city markets are still far
outperforming the capital in terms of annual
rental increases.
UP
IN
K TR
RE NIG OD
NT HT UC
ED FR IN
SE AN G T
CT K P HE
OR R NE
IV
IN AT W
DE E
X
Average rental growth was 2.6% in year
to end of June 2014, while average
capital growth was 7.3%
There has been a recovery in residential
property prices across the UK over the last
year. The pick-up in demand across the
market is also reflected in our private rented
sector (PRS) index, with the pace of capital
growth for investment-grade rented blocks
advancing to 7.3% in the year to the end of
Q2 2014, up from 6.4% in the year to the
end of Q4 2013.
Sep-13
Gross yields range from 4.3% in
central London to 8.2% in Leeds
in Q2 2014
Dec-13
Average initial gross yields six key
cities of Leeds, Bristol, Birmingham,
Glasgow, Manchester and London at
6.4% in Q2 2014
Nov-13
Key facts Q2 2014
Manchester
EXAMINING THE PRIVATE
RENTED SECTOR 2014
INSTITUTIONAL
INVESTMENT IN PRS
PRIME CENTRAL LONDON
RENTAL VALUES APPROACH
PRE-LEHMAN PEAK
PRIVATE RENTED SECTOR TOTAL
RETURNS RISE IN Q2 2014
May-14
THE RENTAL
REVOLUTION
THE PRS: A
GROWTH STORY
PRIME CENTRAL
LONDON RENTAL INDEX
PRIVATE RENTED
SECTOR INDEX
5
10
15
20
© Knight Frank LLP 2014
RESIDENTIAL RESEARCH
RESIDENTIAL RESEARCH
RESIDENTIAL RESEARCH
Birmingham
Don’t have
a mortgage
deposit
0
Source: Knight Frank Residential Research
Prime Central London
Rental Index Sept 2014
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