The Kensington rental market
Kensington, located in west London and found within the Royal Borough of Kensington and Chelsea, is one of the most desirable places to live in London. It is a largely affluent area and it is densely populated. This means that the cost of renting in the area is quite high; such is the demand, and the standard of life that people expect to obtain from the area.
A look at the surroundings in Kensington makes it clear why there is such a high level of demand for property in this part of London. Kensington Gardens takes up a great level of space in the north east of the area but there is a popular and exclusive shopping area while you will also find many of the most prestigious museums, gallery spaces and music venues in London, if not Europe and the world in the area. This means that Kensington is an area that welcomes a considerable amount of tourists on a regular basis but it is also an area of London where people are very keen to stay, and this ensures that the rental prices in Kensington are very high. Add in the fact that many of the homes and properties in Kensington are of the highest standard, representing many of the finest era of British architecture.
Kensington is also well served by major routes, linking the heart of London with Heathrow Airport and Kensington is well served by public transport options, including three key Tube stations that serve the majority of the local area.
Rental rates in Kensington greatly exceed the national average
The average rental value in Kensington today, at the start of November 2015, is £1,057 per week. It is no surprise that the rental rates in Kensington are far in excess of the average rental rate across the United Kingdom, which stands at roughly £1,000 per month, not per week!
Of course, taking the average rental rate in Kensington isn’t relative for everyone because of the diversity of properties on offer in the area. The rental price range in Kensington varies between £225 and £6,000 per month, which is clearly a notable gap. The most popular form of rental accommodation in Kensington is 2 bedroom properties, which make up 39% of the marketplace. 3 bedroom properties make up 21% of the Kensington rental market, which means that these two categories make up 60% of the entire rental market in Kensington.
The rest of the market is made up 18% 1 bedroom properties, 12% studios, 6% 4 bedroom properties and 4% 5 bedroom properties.
The breakdown for average rental rate per week in Kensington is as follows:
- Studio apartments: £322 per week
- 1 bedroom properties: £530 per week
- 2 bedroom properties: £962 per week
- 3 bedroom properties: £1,513 per week
- 4 bedroom properties: £1,712 per week
- 5 bedroom properties: £3,014 per week
Even with the high rental rates in Kensington, the level of demand for property in this part of London means that many of the properties are not on the market for too long. This means teaming up with a local agent is a good way to improve your chances of finding the right property in Kensington.