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:
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Chichester Investment Property Management Specialist CRJ Letting Agents Website
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Chichester Investment Property Management Specialist CRJ Letting Agents Website
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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