Thursday 28 August 2014

What type of property in Chichester rents the best?


Knowing how rentable a property will be is half the battle when deciding what (or not) to buy for your next property investment.

Bearing this in mind, last week a couple from Lavant called me to ask about investing in Chichester. Their concern was as more and more people seemingly turn to buy to let, what type of property would be the easiest to rent out?

Tenant demand is currently strong and everything will rent at the right price, but I did some research and was actually quite surprised by the results.

A good guide to judging the rentability of local property is to compare the number of properties available for rent against the number that have actually been ‘let agreed’.

When I carried out this comparison last week, of the 55,196 households in Chichester, there were just 190 properties on the market for rent. Of those 190 properties, 119 were still available whilst 71 of them had found tenants who were looking forward to moving into their new home. That means 37% of the recently available property in Chichester on the rental market had been tenanted (compared to 40% in Bognor Regis and 31% in Midhurst & Petworth).

However, delving deeper showed that in Chichester, 23% of detached houses on the market had a tenant lined up and just 21% of semi-detached houses were already let. Terraced houses faired slightly better, with 15 of the 49 on the market now having tenants (making 31%). Best of all though were flats, where a whopping 49% had been snapped up already.

It seems the lower down the property ladder you go the more tenant demand there is and whilst oversupply does not seem to be the issue at the top, the higher rental prices mean it can take a little longer to let these bigger properties.

As I mentioned in previous articles however, this needs to be weighed up against the knowledge that tenants will generally stay longer in a house than a flat. This means that once you find a tenant for the larger houses you tend to have a more stable income in the long run.

I am always happy to give advice to any existing or prospective landlords in Chichester on what to buy for investment. I love having this level of information at my fingertips, which enables me to give the very best advice to my clients.

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:


c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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Location: Chichester, West Sussex, UK

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