Thursday, 1 August 2019

What’s popular with Chichester’s tenants?

I get enquiries from prospective tenants on a daily basis looking for a property to rent in or around Chichester. Whilst this in itself gives me an insight as to what types of property are popular amongst Chichester’s tenants, a far easier way to gauge this is by looking on the property portals and comparing how many properties are available vs the number let agreed:

It is clear to see that two-bedroom houses are by far in the shortest supply, but as a percentage of the available stock they are in the greatest demand! That’s why I’ve been banging on these past few years to prospective landlords that they should buy two-bedroom houses in Chichester, as it’s always been clear that they will rent well.

But whilst I’ve found two-bedroom houses to be as popular as this all year round, it should be said that some property types are more seasonal than others. For instance, right now we’re in the school holidays, which affects the demand for family homes (three & four bedroom houses) far more than it does those properties aimed at individuals or couples (one and two bedroom homes) as families are focusing on childcare and their summer holidays, rather than moving house.

I wasn’t surprised to see a high number of three-bedroom houses available, but what was a little more unexpected was the higher number of four-bedroom houses than normal. A lot of this can be explained by the seeming oversupply of student houses that are still sat on the market. I’ve been contacted by quite a few landlords who would ordinarily have their student properties rented months ago, but have struggled to do so at all this year.

Another interesting point to make is whether having a rarer property type to let is a good thing or not. You may have noticed I’ve ignored studio apartments, three bed flats and five+ bedroom houses because there aren’t many of them to rent (in all cases 33% are let agreed). Sometimes there aren’t many of a certain property in a particular location because they aren’t wanted. Then again, when one does come along it can mean anyone looking for that particular property type will be quick to snap it up as they have limited chances to do so.

So, whilst it’s debateable whether following the crowd is the best route to fulfilling tenant demand, I think it’s safe to say that if you have a two-bedroom house in Chichester that’s well-presented and reasonably priced you should find yourself very popular with prospective tenants!

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