Wealthy international students are forking out the cash even financial professionals aren't willing to pay to rent a crib in prime central London (PCL), reflecting shifting dynamics in the city's high-end property market.
Foreign students accounted for the largest proportion of new tenancy agreements signed over the last 12 months in PCL at 41 percent, almost double that of finance professionals' mere 21 percent - the lowest level on records, according to data from London Central Portfolio, an asset management firm.
"The increase in student renters in PCL should be no surprise. Westminster houses three of the best universities in the world; Imperial College, University College London and LSE, and sees 100,000 students visiting a year," Naomi Heaton, CEO of London Central Portfolio, wrote in a report.
"London has become a magnet to these privately wealthy young adults who are looking for top-quality accommodation to go with their top-drawer education," she said.