How quickly are properties in Chichester letting?

I was chatting to a new landlord earlier this month as I was instructed to list his property for rent when he understandably asked “how long will it 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.

Currently there is strong tenant demand for all types and sizes of property in Chichester. Tenants are however becoming increasingly demanding in the standards of property and on-going management they receive in exchange for their hard-earned money.

There are currently 67 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 51 days (total time from initial listing to property being removed from the market once the tenant has moved-in). This compares favourably to both Bognor Regis (80 days) and Midhurst (146 days!).

Surprisingly, flats rented slightly quicker than houses (41 days for flats versus 66 days for houses, in Chichester). This goes against my own experiences and the fact that there are more flats available to let than houses in Chichester.

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 46 days on the market, versus 60 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 more than three 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.

In the past month I’ve actually been in the horrid position on two occasions of having to turn down perfectly good tenants as there has been more than one couple interested in renting the same property.

With a dwindling amount of properties available to rent in Chichester and with government policy seemingly stifling further investment in the rental market, I can’t see that situation improving for prospective tenants anytime soon.

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.

(This article was featured in the Chichester Observer's property section on 23rd June 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.

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