According to the Rightmove Rental Trends Tracker, which was released today, the average advertised rents of properties outside of London has risen to £1,365 per calendar month, which equates to an average of £400 more per month since the pandemic. This is an increase of 44 per cent, which overtakes the average increase in earnings of 36 per cent, since 2020.
In addition, the report has found that the number of available properties is up by around 15 per cent, while the number of tenants in the market has dropped by 10 per cent.
Sarah Bush, Head of Residential at Cheffins, comments on the report: “Rental values in Cambridge and the surrounding area have actually increased to an average of £1,773, up 7.1 per cent against last year, significantly above the national average. While the Rightmove report has found that the number of tenants actively looking for rental properties has decreased, that doesn’t appear to be the case for Cambridge, where we have seen strong competition in the market for the most desirable of rental homes. The properties which are the most sought-after continue to be the cleanly presented inner city townhouses, while we have also seen significant amounts of interest for rural rental properties, as long as they are in good condition. While undoubtedly the pandemic years brought with them a surge in interest in rental properties outside of London, and significant price hikes as a result, this now appears to be levelling out. As the market returns to a more healthy and sustainable level of activity, we have still seen strong demand for the most realistically priced properties. Stock levels appear to have marginally increased in recent months, however, as Cambridge acts in its own micro-climate, buoyed by some of the best employment levels outside of London, fantastic schooling and an enviable lifestyle, we have consistently seen tenants who are new to the area seeking out somewhere to rent. These are often tech-savvy, young professionals who have come to the region for work, and who provide a brilliant source for those landlords who offer well looked after properties at competitive prices. As the Renters’ Rights Bill comes closer to its conclusion, we are encouraging landlords to engage with their letting agents early to ensure that they are compliant with all new legislation. We have plenty of portfolio landlords who are now fully prepared for the changes in the sector as well as one-off and accidental landlords who we are now helping to navigate the waters ahead. The lettings market is adapting at pace, and while there will be some challenges ahead, for the landlords who take a long term view on capital growth and are savvy about how they present and price their properties, there is real opportunity moving forwards.”
For further information on letting your property through Cheffins, contact 01223 214214, or click here