What is renting in Chichester right now?

There are currently 178 properties in Chichester available to rent according to Rightmove. Of these, 78 (44%) have been ‘let agreed’. This means there are only 100 properties available to rent in the whole of Chichester!

This illustrates how incredibly low the current supply of rental properties is in Chichester. In fact, it is nearly half the generally accepted 5% level of the total stock we should expect to see available at any one time.

It’s no wonder therefore that rents have risen in Chichester, as supply continues to fall short of demand. The average rent in Chichester currently stands at £971pcm (per calendar month).

Focusing in on the mix of properties available, 40 of the 87 houses (46%) are let agreed, compared to 35 of the 85 flats (41%).

The most in demand property continues to be two bedroom houses, with 52% of the 25 available let agreed. This compares to 50% of the 30 one bed flats, 45% of the 40 three bed houses, 40% of the 18 two bed flats and just 36% of the 14 four bed houses.

None of the 7 three or four bedroom flats that are available have found tenants yet and nor have any of the 3 five bedroom houses.

It is common knowledge that good quality rental properties that are priced reasonably will be snapped up quickly by keen tenants. In fact, 5 of the 25 properties that have been advertised in the past week have already been let agreed. Three of these were two bedroom apartments, with an average rental price of £810pcm.

On the other end of the scale are 41 properties that have languished on the market for over a month without finding tenants. Disregarding student lets, the longest of these is a two bedroom city centre apartment that has been marketed since April. It is priced at an eye-watering £1,100pcm.

Marketing your property at the correct rental figure will have a major impact on your ability to let your property promptly. It is advisable to research what else is available at the particular time of marketing, rather than relying on outdated valuations.

Currently, the median rental prices in Chichester are:

£720pcm for a 1 bed flat

£870pcm for a 2 bed flat

£900pcm for a 2 bed house

£1,100pcm for a 3 bed house

£1,375pcm for a 4 bed house

If you’d like to keep up to date with the latest statistics from Chichester’s property market, please visit www.tinyurl.com/crjlettingssubscribe to receive my free weekly e-mail.

(This article was featured in the Chichester Observer's property section on 30th July 2015)

Clive Janes, CRJ Lettings.  www.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.

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