Lettings. The Coventry housing market is experiencing an unprecedented boom. Rentals have been a major force driving the market with the median rental price going up consistently over the last ten years. This has been attributed to rising house prices and the influx of students and contract workers into the city. In such a dynamic environment, a year is a lot of time for profound and subtle changes alike. Here are some differences between Private letting rentals in 2017 and now.
More houses available
The increase in the number of accidental landlords all over the UK did not leave Coventry behind. The turn of the year was marked by an influx of homes that had been up for sale into the rental market, a continuation of the trend witnessed the last year. The reason behind this is not far-fetched. Housing prices have increased greatly over the years and fewer people are able to afford the deposits needed to own a house. The Sellers, in turn, have been frustrated by the long waits on houses put up for sale, influencing the decision to push the house into the rental market.
The Coventry rental market has been booming for a while now and even the rise in the number of houses available for rentals hasn’t been enough to slow down the growth. Zoopla.com reports that inquiries are made about uploaded properties within seconds of the upload, and an average of 6 people show a keen interest in every property. Significant infrastructural developments like expansion at the University Hospital Coventry and the growth of Jaguar Land Rover has seen more contract workers storm the city. Such workers naturally prefer renting to buying and this has been good for the market. The prestigious Coventry University has also been attracting students and academics alike. Demand for student lettings is now at an all-time high. With student population expected to keep growing, it can only get better for Coventry landlords.
Following the natural law of demand and supply, the increase in the demand for rentals has spurred an increase in the price. Between Jan 2017 and 2018, a large number of managed properties have seen significant rises in their rental rates. Tenants have generally accepted the increase due to the even greater explosion in the cost of moving. If you have been thinking about increasing your rental cost for a while, now might just be the best time.
Student lettings over Residential Lettings
The student boom has also influenced the kinds of properties in demand. Student lettings have seen more demand than residential lettings. Furthermore, students are no longer satisfied with living just about anywhere and there is an increase in the demand for luxury student housing. In response, exclusive and exotic students’ lettings are springing up and houses designed as residential flats are increasingly converted to HMOs. Contract workers also tend to prefer HMOs. Keep in mind that you may need to meet some requirements and obtain a license before converting your house into an HMO.
With the Coventry rentals market looking all bullish, there probably has never been a better time to be a Coventry landlord. For many, though, the best new remains the fact that the trend is expected to continue in the foreseeable future.
If you’re a landlord looking for a little help with any of the changes happening or even looking to enlist the expertise of an industry leading lettings specialist then feel free to get in touch. Coventry 02476 222441 firstname.lastname@example.org @GodivaEstates www.godivaestates.co.uk.
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