London Luxury-Home Shortage Propels Rents to Pre-Covid Levels
18 October 2021
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The cost of renting in London’s wealthiest districts is soaring at the fastest pace in a decade as tenants seeking to return to the capital in style find there’s a vastly smaller stock of homes to choose from.
Rents in the priciest neighborhoods jumped by an annual 11.7% in September and have now returned to pre-pandemic levels, according to a LonRes report out Monday. A chronic shortage of available homes -- with supply 68% lower than a year earlier -- has pushed prices up so quickly that landlords have wiped out the losses they endured during the pandemic.