Economics
Central London Rents Decline as Vacation Homes Flood Market
- City center saw 7.4% drop in June rents from year earlier
- Number of people looking to rent in the capital dropped by 9%
Residential houses stand in view of blocks of flats in London.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Rents for homes in central London had a record decline last month as landlords flooded the market with properties previously rented out through companies such as Airbnb Inc.
Houses in the city center rented for 7.4% less than a year earlier in June, according to data compiled by broker Hamptons International. The number of homes available to rent shot up by 26% in inner London, driven by houses previously occupied for short periods by visitors to the capital moving to the long-term market.