Most media outlets throughout the UK focus their attention on the housing market from a buying and selling perspective. Particularly in recent months, as worries over economic turmoil sparked by Brexit and other unrest in the market, the majority of commentaries on real estate are solely focused on homeownership. However, the letting market is worthy of a discussion as well, given many residents in and around London have shifted their attention to renting instead of buying.
Part of the reasoning behind letting a property as opposed to purchasing has to do with the uncertainty that is looming in the current economy. Many consumers are deciding to take a less long-term approach to housing solutions, which renting provides. Instead of putting out a significant amount of money to purchase a property in a housing market that is unstable at best, letting provides a way to get into coveted neighbourhoods such as Mayfair without the monetary or time commitment. Sellers in luxury areas of London are also more apt to consider a letting arrangement rather than putting a property on the market, because home prices have fallen steadily over the course of the last several months.
These factors in London’s Mayfair neighbourhood give potential renters the upper hand. Here are the types of properties available for rent in Mayfair.
Apartments for Rent
A wide array of apartments and houses for rent in Mayfair is available to those who are looking to find a shorter-term housing situation in London’s most desirable area. On the apartment side of the line, Mayfair offers some of the most well-designed, luxury flats, with options ranging from one- to two-bedroom apartments to grand penthouse flats. The apartment scene in Mayfair encompasses all the amenities one could want, along with views of the green and open-air spaces the neighbourhood has to offer. Some top-end apartments also offer more baths than bedrooms, open-concept designs, and private terraces perfect for entertaining.
Throughout Mayfair, apartments can list for as little as £640 per week and up to a high of £11,500 per week. Potential renters can find just about everything they need in Mayfair, for a price that fits their budget, including easy access to convenient transportation and a vibrant dining and entertainment scene recently rejuvenated.
Houses for Rent
In addition to several options for letting an apartment, Mayfair also offers more traditional homes for rent. Unlike the apartment market, Mayfair homes for rent can provide more space but with fewer built-in amenities. Often three or four bedrooms, and the same number of baths, houses for rent are typically multi-story residences with access to private terraces and updated interior features. Those looking to let a home in Mayfair as opposed to an apartment may find what they are looking for as little as £4,500 per week.
Making the Decision
Deciding to let property in Mayfair as opposed to buying can be the right choice for those looking to live in London’s most affluent areas without the long-term commitment that comes with purchasing a property. Letters have the opportunity to enter into a short-term arrangement, often lasting one to two years, and depending on the property type, may have all the extras they want without the hefty up-front cost of purchasing. Making a decision to rent a home versus an apartment comes down to the wants and needs inherent to the move. If central location and countless amenities are necessary, apartment living as a renter may be a sound choice. However, letting a home comes with its own perks, including more secluded space with families as neighbours. No matter the housing type, letting in Mayfair is one way to live in the affluent area without the purchasing price tag.