Coronavirus lockdowns and travel restrictions imposed by the UK and other governments have hit the London rental market badly, an agency admits.
Chesterton says rents in the capital have fallen between 10 and 15 per cent and much of this is down to the lack of students.
The agency says that over the past decade the student market has become increasingly important to London, especially in central areas, where it estimates that between June and September 30 per cent of its tenants had been international students with generous budgets.
This figure was even higher in areas most popular with international students and locations around major universities such as Bloomsbury, Camden and Knightsbridge.
However, the number of student tenants housed by Chestertons in the first six months of this year was 48 per cent less than the same period last year.
With lower demand from these students, there is currently more rental properties available on the market and, as a result, rents have dropped.
There were an estimated 375,000 higher education students in London in the 2018/19 academic year according to the Higher Education Statistics Authority and nearly a third were from overseas, typically from wealthy families with larger budgets for accommodation.
This post has originally been featured in Letting Agent Today.