The annual Wimbledon tournament has kicked off, with many travelling far and wide, however, recent research by London rental platform, Rentd, has disclosed that short-let rental properties have all but evaporated from the tennis tournament’s rental market ahead of this year’s Grand Slam.
But how dire is the situation really for those wanting to spectate?
London rental market makes a comeback
There has been a slow and steady return to form in the London rental market as tenants head back to the capital following a pandemic-induced decline in demand. In fact, when it comes to rental stock availability, there are now 47% fewer homes offered across the city when compared to a year ago.
Barking and Dagenham have witnessed drastic reductions in stock, with available rental properties falling by 60% year-on-year, along with Brent (-57%) and Haringey (-56%).
However, the same can’t quite be said for the London Borough of Merton, home to Wimbledon, where the rental market stock has decreased by -36% annually. While still a notable decline, it’s still the sixth smallest seen across London since 2021.
London – 15, short-term lets – love
When it comes to securing a short-term rental, tenants on the lookout for a temporary home within arm’s reach of the All England Tennis & Croquet Club are likely to struggle.
Short-term lets across Wimbledon currently account for just 6% of all rental properties available. At its highest, short-term lets available in Wimbledon Park stand at 7%, falling to 5% in the prestigious Wimbledon Village, and 6% in Wimbledon Common.
With such low levels of short-term rental stock remaining, it comes as no surprise that a fifth of short-let properties currently available on the market in Wimbledon Village and Wimbledon Common has already had a let agreed on them.
For those eager to rent temporary rental property for this year’s Grand Slam, the average cost of a short-term rental in Merton comes in at £1,690 for 13 nights. It should be noted that this price is likely to be far higher the closer you get to Wimbledon itself–as founder and chief executive officer of Rentd, Ahmed Gamal, explains.
“The short-term rental market is very much about making the most of seasonal demand and there’s nowhere that benefits to a greater extent than the Wimbledon area when the tennis world comes to town.”
“Properties within close proximity of the All England Tennis Club can rent for huge premiums during these two short weeks as demand is extremely high, with the vast majority being snapped up many months in advance.”
“So those currently looking for convenience of a centre court adjacent property to call home are likely to struggle to find one and if they do, they can be prepared to pay through the nose to secure it.”