Navigating the Lettings Landscape

Kate Flynn, Head of Lettings; 60 Curzon, Mayfair, London W1

Q: What is the role of Rhodium's Lettings Team?

Kate Flynn (KF): We are appointed by Build-to-Rent developers, as well as individual homeowners, in the multi-unit residential schemes managed by Rhodium. Our role is to find the right tenants for apartments and manage the tenancy. 

This involves everything from marketing the apartment, preparing it for viewings and ensuring regular housekeeping to keep it looking its best during the marketing period, to negotiating lease terms. Most importantly, we target and attract the right profile of tenant and aim to achieve market leading rental values through truly understanding our product. 

Q: What are some of the key challenges faced during the lettings process?

KF: One of the main challenges is ensuring we attract tenants who will take meticulous care of the property. This requires a deep understanding of the target market and effective marketing strategies to reach prospective residents.

We also need to keep on top of changes in landlord and other relevant regulations and navigate the complexities of lease agreements, ensuring we set up the tenancy in such a way that we protect our clients' interests.

Launching a scheme like Knightsbridge Gardens, which is London’s first super-prime rental offering with 33 apartments, we needed to coordinate the timing of multiple move-ins with the completion of units and other operational aspects, which involved juggling many components whilst delivering a 5-star service to the residents moving in.

Club Room at Knightsbridge Gardens, Knightsbridge, London SW1

Q: How do you ensure the lettings process is smooth and efficient?

KF: We provide clear, timely information to prospective tenants about the application process, lease terms, and any other relevant details. 

Prospective tenants are required to provide sensitive information to comply with money laundering regulations and to satisfy referencing requirements, so it’s important they fully understand why we need this information, what will be done with it and that they are working with a trusted partner in Rhodium.  I make sure the team is readily available to answer questions and address concerns promptly. 

We also leverage technology to streamline the process, allowing for online applications, and electronic signing of lease agreements. By removing friction from the process, we make it as easy as possible for both apartment owners and the new tenants. 

Operating in the luxury market means our portfolio contains apartments with complex and high-tech systems that need to be maintained.  Our head office team consists of experienced property and facility managers, working alongside trusted servicing and maintenance engineers, which ensures we offer a level of management not seen elsewhere in the market.  This allows our residents to sit back and enjoy their new home, and allows our clients to relax knowing the upkeep of their property is in safe hands.   

Q: How does the rental model contribute to the overall success of a residential development?

KF:  There are several factors: 

(1) for developers, successful lettings contribute to the financial viability of a scheme as high occupancy rates ensure steady revenue streams, which in turn support the ongoing maintenance and management of the property; 

(2) attracting quality tenants who are likely to stay long-term reduces turnover and associated costs; and 

(3) from a community perspective, a well-executed lettings strategy helps build a cohesive, vibrant environment where residents feel connected to one another. This is especially important where a development provides extensive amenities where residents can come together. 

Park Modern, Hyde Park, London W2

Q: Which schemes are you currently handling?

KF:  We’ve recently been appointed to manage the lettings for residences at a number of super-prime addresses including The OWO Residences by Raffles in Whitehall (branded residences), where we're letting an apartment with a guide price of £7,500 per week. We're also managing lettings for Knightsbridge Gardens which is within the restored period architecture of The Knightsbridge Estate, the deco-inspired residences at Mayfair’s 60 Curzon Street (a Garden Residence, guide price £4,000 per week), and four boutique apartments at 30 Mount Row.

Very recently, we successfully secured a tenant for a fourth-floor lateral apartment at Park Modern, with luxury interior design by Studio Maiki (guide price £8,250 per week).  We navigated a complex request from the client, as they still wished to offer the apartment for sale during the tenancy, whilst ensuring the resident that moved in had enjoyment of their home.  All of this was meticulously negotiated and laid out within the lease agreement to ensure both parties were comfortable with the agreement.

The OWO Residences by Raffles, Westminster, London SW1

Q: How do you attract prospective tenants?

KF: Our marketing approach is multifaceted, combining both digital and traditional methods to reach the right HNW audience. 

We use online platforms, such as property listing websites and social media, to showcase the development's features and amenities. Professional photography is essential to present the property in the best light, as is understanding the unique selling points of the amenities and the services the concierge teams can deliver.  As we only specialise in buildings operated by Rhodium and branded residences, we have an in-depth knowledge of our product which allows us to truly showcase our properties on each viewing. 

The onsite teams within our developments are invaluable in the process, with tenants often moving between Rhodium developments, as our name has become synonymous with luxury living. The lettings team work closely with our concierge teams and once tenants move in, the teams are an extension of one another, offering Rhodium residents a joined up and convenient service like no other.

Q: How do you see the lettings landscape evolving in the future?

KF: The landscape is continuously evolving, with technology playing an increasingly significant role. We expect to see more innovations in virtual viewings, AI-driven marketing, and tenant management systems that enhance efficiency and personalisation. Sustainability is also becoming more important, with tenants looking for energy-efficient homes and green living options. As developments become more complex, the need for comprehensive tenant support services will grow, requiring lettings teams to adapt and offer more holistic solutions.

Rhodium’s Head of Lettings, Kate Flynn, has 20 years’ experience working within prime central London property. She has experience advising a broad range of clients from individual, private landlords both domestically and internationally, to large portfolio owners such as The Crown and The Cadogan Estate. Her insights highlight the importance of effective lettings in creating vibrant communities and ensuring the long-term success of residential schemes.