The glamorous option: build-to-rent flats cost 10% more than other private rentals but there are savings to be made

London’s army of renters, unable to save the large deposits needed to buy a home in the capital, tell heartbreaking stories of rogue landlords ripping them off, chucking them out with little notice and even reneging on contracts at the last minute, leaving them homeless.

Anyone can become a private landlord, and it is a loosely regulated business that leaves young Londoners frustrated with a system that they feel helpless to fight against.

Almost a third of London households are in private rented accommodation, with even more in council-owned and housing association properties. A recent study by the Resolution Foundation think tank forecast that a third of millennials might have to rent into retirement.

Meanwhile, the traditional supply of rented accommodation provided by small-scale private landlords is shrinking as tax changes result in smaller profits.

A property sector has grown to provide homes for working Londoners who want a gym on site, some shared community and office space, and above all a concierge to take in the laundry and food delivery.

Of course you pay for extras, but by the time you have been ripped off by a letting agent and pushed out by an unscrupulous landlord, it might be worth it.

BUILD TO RENT BOOMS

This sector has mushroomed from a modest start at the former Athletes’ Village at Stratford, converted into rental flats after the Olympic Games, to a flourishing industry responsible for many of the cranes currently busy on the London skyline.

According to the British Property Federation there are almost 120,000 build-to-rent homes in the pipeline across the UK, with just over 20,000 completed. More than half are in London, the majority in the centre and to the east of the city — and spreading fast in what is rapidly becoming a city of renters.

Developers and institutional investors are ploughing fortunes into building homes to rent out long-term. Build-to-rent flats come in all price ranges and styles, often with a choice of interior design and furnishing packages.

New-build renters usually get to deal directly with the developers, too, cutting out letting agents. It is a more sophisticated business approach, with communal extras such as inclusive bills, gyms, free wi-fi and roof gardens.

One recent study suggested build-to-rent flats are just over 10 per cent more expensive than old stock, though some are considerably more. Most importantly, tenants are offered more stability than in the private sector, with regulated long-term contracts and no ugly surprises from landlords suddenly wanting their flat back.

THE LATEST SCHEME

Fizzy Walthamstow, by Fizzy Living, launched in January.

The newest in a line of seven apartment blocks across London, with a good reputation for friendly service and secure living in Hayes, Walthamstow, Poplar, Epsom, Lewisham and Canning Town.

Location: Blackhorse Lane, close to Blackhorse Road station on the Victoria line in Zone 3. Commute to the West End in under 20 minutes.

How much? One-bedroom, 540sq ft flats cost £1,480 a month, while two-bedroom, 714sq ft flats cost £1,710 per month.

Tenancies: renters can sign up from six months to three years.

Extras: superfast broadband, annual spring clean, dedicated repairs team. Allows pets. Use of co-working space.

On the market: Central Estate Agents has a slightly dated two-bedroom garden flat of 491sq ft in a period house less than a third of a mile from Blackhorse Road available at £1,375 a month.

Faircharm Dock, by housing association L&Q, launched in April.

Location: Creekside, Deptford, just half a mile from Deptford, Greenwich and Deptford Bridge stations. Trains to Cannon Street take from 15 minutes.

How much? One-bedroom flats from 527sq ft start at £1,300 a month. Two-bedroom flats from 743sq ft are priced from £1,600 per month.

Tenancies: 12-month tenancies, which can be extended annually.

Extras: none.

On the market: a one-bedroom flat of 632sq ft in a purpose-built block in Glaisher Street, also half a mile from Deptford and Greenwich stations, is listed with Foxtons at £1,495 a month.

Elephant Central, by Get Living London, launched in August last year.

Location: in Elephant Road, right opposite Elephant & Castle station in Zone 1. It’s a 10-minute hop to either the West End or the City, via the Northern or Bakerloo lines.

How much? One-bedroom flats of 500sq ft to 550sq ft cost from £1,777 per month. Two-bedroom flats of 650sq ft to 750sq ft cost from £2,036.

Tenancies: from eight months to three years.

Extras: on-site maintenance team; residents are allowed to decorate their flats; residents’ club with kitchen, bar, and lounge; communal garden; concierge; free wi-fi; parcel delivery lockers.

On the market: a two-bedroom, 704sq ft flat in 27-storey One The Elephant is available with Gordon & Co estate agents for £2,232 a month.

Argo Apartments, by developer Grainger, launched in January.

Location: opposite Canning Town station, Silvertown Way, in Zone 2. Jubilee line trains to Canary Wharf take four minutes. Trains to the West End take 20 minutes.

How much? A 565sq ft one-bedroom flat costs from £1,430 a month. An 800sq ft two-bedroom flat is priced from £1,750 a month.

Tenancies: renters can sign up for a minimum of 12 months, up to a maximum of three years.

Extras: roof terrace, shared workspaces, residents’ lounge, fitness studio and gym, plus concierge, on-site handyman, free wi-fi.

On the market: an immaculate one-bedroom flat of 587sq ft at Hallsville Quarter, seconds from Argo Apartments, is available through Knight Frank, priced £1,365 a month.

Porters Edge at Water Yards, by Folio London, part of housing association Notting Hill Genesis, is launching next month.

Location: overlooking Canada Water in Zone 2. A single stop via the Jubilee line to Canary Wharf, or less than 20 minutes to the West End.

How much? A 429sq ft studio flat starts at £1,575 a month. Two-bedroom flats from 673sq ft start at £2,250 a month.

Tenancies: a minimum of six months to a maximum of 36 months at a time.

Extras: gym, café, concierge, free wi-fi, multi-use games area, communal garden and children’s play areas.

On the market: a smart two-bedroom flat in Water Gardens Square is available for £1,798 a month with Vanet.

‘IT’S NOT FOR BARGAIN HUNTERS, BUT IT IS A FAIR PRICE’

Eric Curiel, 44, has experienced the build-to-rent phenomenon first hand for the past six months, after nine years in a privately rented one-bedroom flat in Holborn, for which he was paying just over £2,000 a month. Last year he decided to shake up his life, which meant a career change from fund manager to executive coach and a house move to Archway, north London.

He lives in Vantage Point, a former office building converted by developer Essential Living. Eric fell in love with the views from his 14th-floor flat, and its proximity to the Tube. And having lived in New York before moving to London a decade ago he loved the idea of having a concierge. He got more space in a two-bedroom flat at about £2,500 a month.

He also has access to a co-working space in the building. Many of his neighbours are thirty-something freelancers who use it as their office. There’s a top-floor club room with great views, and a gym and games room. Residents can also rent a dining room to entertain in, with room for up to two dozen guests for dinner.

“Everything is beautifully maintained,” says Curiel, who estimates he is paying a 30 per cent premium on similar flats nearby. “I honestly think it is worth it. It is not for bargain hunters but the price is fair. There is an underlying infrastructure that needs to be paid for. I am happy to pay for a premium product.”