Tenants are in the driving seat because of the oversupply of homes in most parts of London.
Homes available for let jumped 67 per cent during the last year whereas demand increased by 20 per cent, according to Knight Frank.
As a result, rents are falling - by up to 20 per cent.
Jaimie Beers (CORR) of new-build specialist agent Madley Property says a new trend has emerged: tenants switching from one brand new property to another every six months.
“Whereas in the past, tenants would have stayed for a year and then renewed, they’re now moving more frequently, seizing the opportunity to rent luxury new flats that haven’t been occupied before.”
Brand new homes for rent have been released at The Forge, Docklands, by developer Glenkerrin Group. The fully-furnished apartments, close to Canary Wharf, are set around a listed Victorian forge converted into offices.
Rents start at £280 per week. Call Savills on 020 7531 2500.