Flats for rent in Bloomsbury have recently been in demand due to the proposed increases in University fees over the next school year. Currently, nearly half the population of Bloomsbury is compromised of the important population of University students who are pursuing education and the academia that assists them in their pursuit. These individuals are increasingly in need of quality one and two bedroom flats with short term lease arrangements in a moderate price range.
Over the past year the number of lets for individuals and corporate tenants has increased by twenty percent, especially in the middle of the market, one and two bedroom flats where the number of available units is increasingly low. Recent redundancies in the City have been reflected in a significant number of professional sharers dropping their shared lets in order to seek mid-ranged one bedroom properties where they are the sole renter, instead of the previous interest in splitting costs via a share.
This past year, renewal rates have increased by forty percent due to the contributions of three different factors; first, the increased number of rental units with achievable rent, approximately ten to fifteen percent, which encourages tenants to stay past their lease contract dates and renew for another lease, second, the lack of available, quality rentals currently on the market and available for let and finally the current difficulty in obtaining financial consideration in order to purchase a new home has discouraged people who would be otherwise seeking this alternative. These statistics apply only to small flats, containing one or two bedrooms instead of larger of flats and single family houses where we have seen rates neither increase or decrease during the course of the past year.
There has been no indication that rental renewals will be reduced over the course of the next year due to the economic situation globally, it is critical to note that London has significant impact on the financial world and is well known for being one of the safest cities to live in, which encourages people from all over the world to take the opportunity to visit or find work in the area. Combined, these qualities make London an excellent choice for landlords looking to invest in future projects, specifically in one and two bedroom flats in Bloomsbury.
Bloomsbury flats for rent are, and will continue to be, very much in demand over the next year and well into the future. The upcoming London 2012 Olympics and tenancies that are a minimum of three months will only continue to increase the demand we have recently seen in the mid-range market. In preparation for the Olympics many institutions are working to maximize their profit even though, unfortunately, very few of these will be able to see a significant return on their initial investments. It would be unwise to overlook the amazing opportunities that property rental in London could offer someone right now.