How long should it take to let your property?

New landlords often ask when listing their property how long it will be before it’s let.

There are many factors that will affect the answer to this. You may not be able to choose the time of year it becomes available but a landlord can certainly impact upon the type of property they invest in, its condition and the rental price.

Whilst it’s true there is strong tenant demand, tenants are becoming ever-more demanding in the standards of property and on-going management they receive in exchange for their hard-earned money.

There are currently 110 properties listed for rent in Chichester. These are effectively your competition, so your presentation and price needs to be spot on to get the best tenants choosing your property amongst the crowd.

According to Home.co.uk, the average rental property in Chichester is on the market for 53 days. This compares favourably to Bognor Regis (85 days), Midhurst (113 days) and Portsmouth (140 days).

I was surprised to see that flats rented slightly quicker than houses (46 days for flats versus 67 days for houses, in Chichester). This goes against my own experiences and the fact that there are more flats available to let than houses.

It would, however, fit alongside the fact that the more expensive the property (i.e. larger houses) the longer it takes to let. In Chichester, a property with a rental price under £1,000 per month spends an average of 45 days on the market, versus 71 days for those advertised above £1,000pcm.

It could also be explained by a few of these large houses sitting on the market for what seems an eternity and thus skewing the averages. In Midhurst there’s one house priced over £8,000pcm that’s been marketed continuously for nearly two years!

It all comes back to knowing the numbers and investing in the right area and property, which will have strong tenant demand against a backdrop of relatively limited supply.

Just this week I took on a vacant three bedroom house in The Meadows, Donnington. It is in excellent condition and was priced accordingly against the other 21 three bedroom properties available in Chichester (which spend an average of 74 days on the market).

My advert went live on Monday; I had 4 viewings on Tuesday of which 3 people were interested in renting the property! The chosen tenants are now looking forward to moving in next Saturday, subject to referencing.

If you would like to discuss how to let your property as quickly as possible, please get in touch for an honest appraisal of your property factoring in the current market conditions.

Clive Janes, CRJ Lettings

www.crjlettings.co.uk

01243 624 599 / clive@crjlettings.co.uk

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

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