Soho House Moves To Rental Market

Private members’ club group Soho House is planning a move into the long-term rental market as part of its five-year strategy.

The 25-year-old firm, which has 26 sites around the world – most of which are in the UK – has managed to weather the coronavirus crisis due to its “robust” business model, according to boss Nick Jones; less than 10% of its 110,000 members froze their membership over recent months (it can take 18 months to be accepted, which has apparently put people off cancelling), and sights are now set on an expansion.

Along with completing a comprehensive refurbishment programme across the portfolio and adding five new sites a year, Jones has confirmed that home rentals are next on the agenda.

He said: “There are a lot [of our members], from say the age of 20 to 35, who don’t want to buy but want to rent and want to rent something that doesn’t have big deposits…They want areas where there’s more public space and you don’t have to have your washing machine in your flat. I think there will be a huge demand for it.”

He also speculated that a number of hotel sites are likely to hit the market as a result of the impact of Covid-19, which would be well-suited to long-term accommodation.