The rise of the new super-prime renter

Each of the prime London neighbourhoods that appeal to high-net-worth individuals looking for a rental property has a distinct and vibrant identity. Notting Hill and Kensington lead the way, according to Isabella Birch Reynardson, head of Savills Super Prime Lettings, with Mayfair, Marylebone and Chelsea also high on the list.

The desirability of these addresses and the best-in-class homes that they offer remain constant, she explains, but what is evolving is the lifestyle her clients are looking for. They want to immerse themselves in their chosen neighbourhood, whether that’s a daily visit to a favourite café, working out at a local gym or a weekend lunch at their members’ club. Their goal is to experience the best life has to offer in one of the world’s great cities.

“These are busy people, often moving frequently between properties and locations worldwide,” Birch Reynardson says. “When they are here, whether for a few months at a time or for longer, they want to lead a London-centric life. That means being thoughtful about which area to choose.”

Younger families in particular like the village atmosphere of Notting Hill and Kensington, both of which offer an excellent choice of schooling, restaurants, independent boutiques and health clubs. The handsome period houses of Notting Hill, where private gardens open directly onto communal spaces, are sought-after, as are elegant townhouses on Kensington and Chelsea’s garden squares. 

Couples of all ages are increasingly drawn to the exclusive properties of Mayfair, where world-famous hotspots such as Bond Street and Hyde Park combine with a unique London collage of grand stucco-fronted houses, charming mews streets and green oases.

“Along with classic London beauty, a Mayfair base allows clients to walk to their private members’ club or offices,” says Birch Reynardson. “Favourite clubs – Annabel’s, 5 Hertford Street, The Twenty Two on Grosvenor Square, Oswald’s and The Arts Club, for example – have reinvigorated Mayfair, enticing younger clients there.” The easy access to clubs and culture that the area provides makes it especially popular with clients who spend shorter periods in London. 

The range of super-prime rental homes available through Savills spans classic London townhouses, lateral apartments with views over Hyde Park and contemporary homes in prestigious branded residences. Weekly rental prices start at £5,000, but the average is about £11,000 per week.

Tenants choosing to rent at this level are getting younger. In 2017, the average age of a tenant was 55, while today, 47% of Savills tenants are 40-50 years old and 26% are between 30 and 40. As well as being more open to renting, these younger clients have a thoroughly modern take on what they expect from a global city base.

“Our clients, many of whom are very high-profile, increasingly aim to be low-key,” says Birch Reynardson. “That’s reflected in how they live – they are often more likely to move around the city on foot or by bicycle than in a chauffeured car – and in their interior choices. A furnished property for rent must be beautifully styled, but rather than overly formal, clients choose understated, unfussy simplicity.” They often introduce their own art, along with custom-made pieces – light fittings, for example – that might echo those in other homes they own. It is a way to assure constant quality and provenance. 

“Our role is to make life as easy as possible for both the landlord and the tenant,” says Birch Reynardson. “Finding the right London home at this elevated level should be a pleasure. We aim to remove any stress from the process.”

ISABELLA BIRCH REYNARDSON
HEAD OF SUPER PRIME LETTINGS, THE PRIVATE OFFICE
IBReynardson@savills.com