16th November 2021
Chester rental market ‘cries out’ for new landlords
The demand for rental properties has been the highest we have ever seen over the last quarter. Propertymark reports that the average number of prospective tenants looking for properties per branch in July reached 102, breaking August 2020’s previous record of 101. Regionally, the Northwest reported the highest number of prospective tenants in the country.
The Stamp Duty Holiday, rising rents and attractive yields encouraged landlords to purchase a first or an additional buy-to-let property, but there is still a shortage of properties in Chester to meet the current high tenant demand.
What’s driving rental demand?
Many Chester homeowners have turned to the rental market because they were unable to find a property amidst the shortage of properties available this year, and they decided to cash in when the market was strong.
With more flexible working arrangements available to employees, tenants can be more flexible about location and don’t necessarily need to live near their workplace any more.
Landlords could see this as an opportunity to expand their portfolios in areas of increasing demand outside the city centre.
The increase in property prices has ruled out getting a foot on the property ladder for many younger people, so they are choosing to stay in rental property until prices cool off.
Renting as a lifestyle choice
Increasing house prices are not the only factor behind tenants staying in the rental market. Many are starting to see renting as a lifestyle choice rather than a steppingstone to home ownership as it offers more flexibility.
Longer tenancies are therefore becoming a more common choice. However, in return, tenants are looking for good quality accommodation. Landlords will need to be more aware of this and consider their budget for property improvements every few years.
What kind of properties are in demand?
There’s always a good demand for family homes, and even more so in light of the pandemic with more people taking advantage of the rise in property prices. There’s also a stream of young professionals wanting to rent in Chester who are looking for a 2 bedroom flat or mid-terrace property with a decent sized living area close to transport links and amenities.
Student properties in Chester are always in demand, especially in recent years with more European students flocking to Chester to study.
For anyone considering getting the foot on the buy-to-let ladder, or if you’re a landlord looking to expand their rental portfolio, contact us for advice on buying a rental property and securing the right tenants.