Average asking rent for a Wimbledon room spikes by £200 per week during the tennis tournament.
New data from Rightmove has revealed that landlords are able to seek a hefty premium when renting out homes over Wimbledon. A spike in rental price is noted each April, up 51 per cent on the previous quarter. The rise is due to the ability to market properties near the club to those with tickets to the grand slam, as well as to sports stars and their family and friends. The price of the average property is further driven up by a rise in nearby luxury homes which often offer all the amenities the stars seek.
The average asking rent of a room in Wimbledon in the first three months of 2017 stood at £385 per room per week for a short-term let, but those on the market for Wimbledon in April saw average asking rents of £583 per room per week. In contrast, 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 commented: ‘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, added: ‘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.’