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, I was called by a couple from
Lavant who were interested in investing in Chichester. Their concern was, as
more and more people seemingly turn to buy to let, how easy would it be to find
tenants?
Tenant demand is currently strong and
everything will rent at the right price, but I did some research for them and wanted
to share with you what I found out.
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, there were just 189 properties on the market for rent in the whole of
Chichester. Of those 189 properties, 96 were still available whilst 93 of them
had found tenants who were looking forward to moving into their new home. That
means 49% of the recently available property in Chichester on the rental market
has been tenanted (compared to 39% of the 233 properties in Bognor Regis and 33%
of the 33 homes in Midhurst & Petworth).
However, delving deeper showed that in Chichester,
41% of detached houses on the market had a tenant lined up compared to a
whopping 56% of semi-detached houses. Terraced houses were bang on the
average, with 21 of the 43 on the market (49%) having secured tenants. Flats, however,
have dropped slightly behind the lower-end houses, with 47% being ‘let agreed’.
This data shows that, overall, houses
are proving slightly easier to let than flats, indicating that they are more
popular with tenants. From my experience, tenants often stay longer in houses
than they do in flats, being more satisfied with a traditional layout and a
private garden.
The data shows that houses of all sizes
are currently in strong demand, with 52% of three bed houses and 54% of four bed
houses being ‘let agreed’. Two bed houses are in incredibly short supply (there
are just 10 still available in the whole of Chichester), as 58% of the total
supply have already been snapped up by tenants.
One thing of particular significance to
those worried whether the rental market might become saturated, leading to a
drop in rents or increased void periods, is that the number of properties
available to rent in Chichester has actually decreased in the past year (there
were 106 rental properties to choose from 12 months ago, compared to those 96
today).
(This article was featured in the Chichester Observer's property section
on 17th March 2016).
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.
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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