Wimbledon Serves Up A Short-Let Premium


Average asking rent of a room increases by £200 per week for Wimbledon

New Rightmove data reveals the premium landlords are able to ask for when renting out homes for Wimbledon.

There is a significant spike in the rental prices of short-lets each April, 51% higher than the previous three months. The premium comes as it’s the prime time to market those coveted rental properties near the Club to those lucky enough to have tickets to the grand slam, or the sports stars and wild cards and their family and friends. It’s also the time when some of the really luxury houses in the area go up for rent, which drives up the average prices as some rent out for thousands per week if they have all the amenities the stars are looking for.

The average asking rent of a room in Wimbledon in the first three months of 2017 was £385 per room per week for a short-term let, but those on the market for Wimbledon in April drove the average asking rent up by an additional £200, to £583 per room per week. The average asking price for those living in Wimbledon in a long-term let is £208 per room per week.

Rightmove’s Head of Lettings Sam Mitchell comments: “We often see spikes in prices for short-lets for significant sporting events, like the Rugby World Cup back in 2015 and the Olympics in 2012, and those perfectly placed properties near the All England Club are able to command this same kind of premium, plus they have the benefit of it being an annual event. People looking for a cheaper short-let could consider starting their search a few months before as they might have more negotiating power with landlords looking to have short-let tenants for their properties secured further in advance.”

Foxtons Lettings Manager in Wimbledon Adrienne Wandsworth comments: “It’s quite common for the Wimbledon residents to put their homes up for rent on a short-term basis for the Wimbledon Tennis Tournament only. Some are more organised than others, starting to market their property at the beginning of the year, and therefore having a higher chance to secure the tenancy, however, last-minute rentals also do happen. Often the property put up for rent is the owner’s actual home, so for the duration of the short let, which typically lasts for 12-15 days, holiday arrangements will be made, or a local stay with family or friends.

“One of the most important considerations for the players is that the property is fully equipped – new bed linens and towels, Sky package, milk in the fridge – everything that would allow a player to settle into a home hassle-free. Modern, high-quality finish is important; only this week we let a four bedroom house to two players and their coaches, and the main reason that they preferred this property over the others was that it was newly built to a luxury standard. Things like gated parking, heated floors, roof terraces overlooking the courts are all in demand, but the most important consideration is space to accommodate their family members, coaches, nutritionists and other extended members of their team.”

Elliott Tooley Head of Short Lets at Hamptons International comments: “Year on year we see increased demand for short let properties within walking distance of the All England Club. Typically companies will rent the properties for staff working on the event or for corporate entertaining. The increase in demand over the period sees your average terraced property achieve £3,500 per week and some of the larger more exclusive properties in excess of £10,000 per week. Interestingly this year and last year with demand so high we also saw companies having to look further afield in nearby locations such as Putney  and Clapham.”

Head of Corporate Services at Jackson-Stops & Staff Amelia Redington comments: “The annual Wimbledon tennis tournament is one of the Capital’s most anticipated events. Wimbledon Village and the surrounding neighbourhoods are flooded with visitors who come not only to experience the fast-paced courtside antics but also the incredible buzz that this event brings to the area, with restaurants, bars and shops all getting in on the action. There is high demand for short let properties which are located near to the All England Lawn Tennis Club and homeowners can achieve a significant rental premium over these weeks. We find many landlords therefore specifically look to target this period, but increasingly find that many local residents are also keen to rent either a room or alternatively their entire home as the income can provide a healthy boost to household finances.”

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