Thursday, 3 March 2022

What’s for rent in Chichester?

Not much!!! 

Since the onset of Covid nearly two years ago, the supply of rental properties in Chichester has been at record lows, whilst demand remains stubbornly strong. This has led to a hugely competitive market for wannabe renters, whereby I am typically receiving double-digit numbers of enquires within 24 hours of listing any property to rent. That is despite rents increasing across the board as a result of this supply and demand imbalance.

The supply of rental properties has, however, ‘improved’ since a year ago (when just 16 properties were available to rent in Chichester). But having just 24 homes currently available to rent in a city the size of Chichester is still wildly low. Bear in mind that two years ago (just before Covid hit hardest) there were 148 properties available to rent in Chichester.

Clearly there’s not much choice for those seeking a property to rent, which explains why so many people are enquiring as soon as something comes to the market. Furthermore, it explains why people are willing to pay more as and when something suitable becomes available. This has led to an increase in asking rents across the board, such that the current average asking rents in Chichester are:

…The average rent for a property in Chichester is currently £1,150pcm, up from £995pcm a year ago (an increase of 16%!).

The cheapest property available to rent in Chichester is a one-bedroom flat on Caernarvon Road, costing £695pcm. On the other end of the scale is a three-bedroom semi-detached house on The Hornet, close to the city centre, which is marketed for £1,900pcm.

Why then has there been such a drastic decrease in the number of properties available to rent? Put simply, landlords are continuing to sell up. The stick of taxation and legislation has proven too much for some, with many landlords cashing in their chips whilst house prices are high, deciding that buy-to-let simply isn’t worth it anymore.

I’ve written many times about the negative impact taxation and legislation changes are likely to have on the rental market; not only directly for landlords, but ironically for the tenants they are supposedly meant to help. This has now come to fruition as rental supply remains at such low levels that, unsurprisingly, rents are increasing as a result. That perfect storm is making it increasingly difficult for tenants to find their dream home at an affordable price.

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