You can rent out your South London studio flat for anywhere between £595 to £2,210 (according to RightMove data) although the average falls somewhere around £1,664. The wide price span shows how much variation there is in the South London property market.
It can be difficult to know where to start when renting out your South London studio. From setting the right price to finding reliable tenants to look after your property, it can be a minefield.
Luckily, at J Property Management, we are experts in managing South London studio flats. We can handle everything – from tenant sourcing, to regular repairs and staying on top of legal obligations. Here, we break down everything you need to know about renting out your studio flat in South London.
How Much Rent Can I Charge for a Studio Flat in South London?
Studio flats in South London go for anywhere from the £600 mark to in excess of £4,000 for luxury studios and will vary greatly depending on property location, size of the studio, what condition it is in and the amenities available.
In areas that are further out of the city centre, studio flats will go for a lower price. Flats in Croydon, Sutton, South Norwood, Plumstead and Deptford have listings averaging around £1000 PCM or lower. These areas are still highly desirable for renters thanks to their relative affordability and good transport links.
Modern design, newer builds and better amenities will also push the price of a studio flat up – averaging around £1,000 – £2,000 depending on the area. Luxury studio flats with amenities like gyms or concierge services will also fall into a higher rent bracket.
Studio flats in South London’s prime locations – whether due to excellent transport links, views of the river or being one of the trendier areas – will always be able to charge more rent – sometimes up to £3,500 per month or more.
Is a Studio Flat in South London a Good Investment?
Yes, if you optimise your rental. A studio flat can usually be bought at a lower price than a bedroom with multiple bedrooms, making it more accessible for many buyers.
If you buy a studio flat, make sure to do it in a well-connected area of South London, with good transport links – this will make it more attractive to buyers.
Also, choosing to buy a studio in a newer building could be a better investment. Not only does it potentially save you money on repairs and maintenance in the long-run, it will also be more desirable for tenants and allow you to charge more rent.
The average studio apartment in South London rents for around £1664 PCM
Are Studio Flats Hard to Sell?
Studio flats in South London can be hard to resell, but it will depend on market conditions. For studio flats, there is often a more limited buyer pool compared to larger families. There may also be some resistance from lenders when it comes to providing a mortgage for studio flats.
However, studio flats in desirable areas of South London with good transport links could be in high demand. Studio flats that are modern, with good storage solutions and attractive aesthetics will usually have resale potential.
Tips for Renting Out a Studio Flat in South London
To maximise the success of your South London rental, follow these top tips:
Set the right price
A common mistake that landlords make is mispricing their property. If they price the property too high, they risk losing interest from tenants. In the attempt to make a higher profit, they actually put people off of renting.
Alternatively, they could choose to set a low price to get people in quickly and attract unreliable or financially unstable tenants. Setting the right price ensures a balance between interest from reliable tenants and a good level of profit for landlords.
Using a free rent valuation tool can make it easy. This tool gives you a price range, using a range of metrics to suggest a maximum and minimum price for your studio flat.
Market it well
Make sure to market your studio flat wisely starting with good photos and descriptions. Take photos or use a professional property photography service to showcase your studio in the best way possible – with clear photos that show its most desirable features. Write descriptions that are engaging and appealing while still transmitting all the key information.
Then, make sure that your South London studio flat is seen by the right audience. Think about listing your flat on major selling platforms like RightMove and Zoopla so that it is seen by a broad audience.
Define your strategy
Think about your plans for renting out your property. Do you want to rent it out in the long-term and ensure a stable salary with the same tenant over a long period of time? Or would you prefer to try your hand at short-term lets or listing it on Airbnb? This strategy requires more hassle but could maximise flexibility and profit.
If you choose to do short-term lets, working with an expert Airbnb management or short-term let management company to maximise your success.
Work with a Property Management Company
The best way to maximise the success of your studio flat is to work with a company specialising in property management South London. These companies can help you do everything – from minimising vacant periods and maximising profit to staying on top of maintenance, repairs and legal compliance.
Choosing experts in the South London property market like J Property Management can optimise your rental yield even more. Working with people with in-depth knowledge of the area means that they can expertly market your property and understand what tenants need.
Who are Good Tenants for a Studio Flat in London?
Studio flats in South London could attract a range of tenants including young professionals, students or couples.
Outsourcing tenant sourcing to a professional company means that your studio listing will be marketed to the right people to attract reliable tenants.
Rent Out Your South London Studio Flat with J Property Management
J Property Management is an experienced property management agency, with expert knowledge in South London rentals. We can be your trusted property management partner, handling everything, from sourcing tenants, to rental payments and maintenance – to help you reap the profits of your South London studio flat without any of the hassle.
Get in touch with the team today to find out how we can help you rent out your studio flat in South London.
