Corporate and business tenants are continuing to be attracted to the UK, particularly in London. Research by London letting agents JLL and W.A.Ellis shows a surge in top-quality tenants, including business people who work for blue chip companies. Their needs vary from a studio apartment to a spacious family property.
Corporate tenants may be working on a fixed-term contract and so will be looking at long-term rents. This is particularly attractive as there is a guaranteed income for landlords and property companies. It is a competitive and lucrative market since in many cases a company will have agreed to pay the rent so landlords can be assured of regular payments from a reputable firm. Corporate tenants routinely ask for as much as a three-year commitment with little chance of breaking the lease. So corporate clients are really only an option for landlords who can commit that far ahead.
Obviously location is the key as few of these tenants will know the area and yet will want to be in a safe place, close to public transport, shops and restaurants. They often prefer professionally-managed properties which are well-maintained with a modern feel and good internet speeds. Families relocating will also need to be near good local and international schools.
Many corporate clients are also now interested in fully-managed properties so they have the services of a hotel with the privacy of an apartment. Knowing that they have someone to call on 24/7 or with additional services such as cleaning or a gym are all selling points. An older property may appeal because of its historic value or charm, the interior will need to be modernised. Wooden or tiled flooring, neutral colours on the walls, a quality shower, and separate bathrooms will appeal to corporate clients, in addition to a fitted kitchen with all appliances for a family home.
Corporate tenants are discerning and want a quality service but the rewards of having a guaranteed rental income over a set period of time could be worthwhile if the property meets their requirements. Although London is the prime area, other areas are also open to corporate clients. A company which is expanding may be looking overseas for employees or a business may have a short-term order or project to fulfil and needs additional people for a specific period of time. Checking the business section of newspapers will give an indication as to what is in the pipeline and where rental homes for corporate clients may be required.