It’s no secret that the lettings market was alive and kicking this summertime, and this July and August has been no different - we’ve let a lot, and learned a lot too so it’s time for an update.
The current market at a glance
1-2 bedroom lets are dominating our market with over 70%* of rented homes sitting in that bracket. On average we’re renting homes in our core patch of NW2 and NW6 within 7 days* and seeing 99.97%* of the asking price achieved. Proof that rental homes in our core patch are still very much in demand and if they’re presented well and priced right, they’re finding a renter quickly very close to the full asking price.
What our renters are saying
So as you probably well know (or you don’t) we send a vacating questionnaire to residents once they serve notice to leave, and we collate the results on a regular basis to stay ahead of the curve, and spot renter trends. Here’s what we’ve found throughout the months of July and August:
Property condition still matters
Resident feedback over the summer has made one thing clear: condition matters. Fresh interiors, natural light, clever storage and thoughtful touches all came up repeatedly as reasons why renters loved their home.
Where we did see frustrations, they’re surrounding dated finishes, poor soundproofing or lack of storage.
The message remains clear across any market, small upgrades like redecs, new blinds, better lighting or clever storage solutions still have a huge impact on resident experience and tenancy length.
Lifestyle and connectivity are top priorities
When asked what they loved most about their area, residents consistently mentioned community feel, green space, cafés, pubs, and restaurants, with transport and connectivity right up there as a top priority.
This isn’t new news to us. For those of us who know our corner of NW London, we’re already well-versed in what it has to offer. It has that balance people crave: a village-like community, with fast access in and around London should they need it.
If you’re considering putting your property on the market, showcase the lifestyle. It’s proven through the words of our renters that the neighbourhood is just as important as the property itself.
Why residents really leave
Interestingly, the majority of residents vacating their homes this summer weren’t leaving because they were unhappy. Reasons included buying first homes, moving in with partners, or relocating for work - natural next steps for residents not linked to quality of accommodation or experience. These are uncontrollable, and hopefully are the only reasons that your resident chooses to move on.
Never underestimate the importance of each renewal
August saw a 62% renewal rate**, and when we looked at the average tenancy lengths it was pleasing to see that these have increased on average to, 42 months (3+ years)*, so we mean it when we say if your resident experience is top notch, you’re in for a stable flow of rental income often coupled with reduced expenditure.
Interestingly, rental uplifts were stronger on renewal (5%)* than on the open market (3%)*, It’s tempting to think new residents = easy win, but the data says otherwise. Renewals are the quiet powerhouse of rental returns. Look after your residents, not only do they stay longer, but the uplift is often better than going back to the open market.
Management matters
The retention of residents in the current market is key, and good management matters. It isn't a nice-to-have, it’s a must-have. A few non-managed residents flagged delays in maintenance and response times. Where they scored high, they praised responsiveness and ease of contact. This shows that good management really matters, and is often a deciding factor as to what makes a resident feel valued and renew, rather than feeling unheard, and looking to leave.
In short, homes are renting fast, renewals are outperforming the open market, and renters are telling us loud and clear that condition, lifestyle, and good management define their decisions.
As the weather turns and we move into Autumn, the shifting focus is onto boiler breakdowns and a new landscape of property maintenance (hello condensation). Now is the time to hone in on property improvement with a focus on small, thoughtful resident-led improvements. It’s those details that keep your rental investment protected and a step ahead.
We’ll end on this month’s top tip from our Head of Asset Management, Sandro.
Curious what these insights mean for your property? We’d love to share tailored advice over a coffee or a call.
*Based on all Paramount lettings deals agreed in NW London between July–August
2025.*Paramount figures taken from all tenancies up for renewal in August 2025.
