* PE27, 28, 29 area has seen a year on year increase in rental of 1.6%. This has compared with a continued reduction of 2% year on year in the CB 1- 5 area
* The number of properties on the rental market saw a year on year increase of 12%
* The number of people looking to rent has seen a year on year increase of 12%
* The length of the average tenancy is increasing.
* The number of landlords looking to exit the market has reduced.
We have found that rents have continues to show an average increase of 1.6% when compared to February 2017 outside CB area’s ie PE 27 , 28, 29 . This increase has come from the marketing of new properties coming on to the market and renegotiated rents.
However we have seen a higher percentage of people making offers on new properties. On the flip side the rentals achieved in CB1 – 5 have continued to slow down based on the figures achieved in February 2017 in comparison with February 2018. As more student accommodation is built by the University the push on quality HMO’s with Private Landlords is increasing matched with the fact that Cambridge City Council have become more stringent on their requirements for HMO’s. Therefore landlords are looking to have fewer people in the property, thereby reducing the rental that can be achieved.
The number of properties coming on to the market for rental saw a year on year increase of 12% ( the largest increase for some months ) . From our point of view this was due to more new investor Landlords joining the market. However this did not water the market down as this was matched by an increase in people searching for properties of 12% .
We are happy to report that we are still beating the local average on days to find a tenant – Rightmove reports the average at 29 days. We achieved 19 days in February.
Rightmove has also reported that there were 66 lets in our area for February month from 17 agents of which are in position 1. We held 15.2% of the market taking the largest share and increasing this from last month
Interestingly this figures show that 13% less deals were agreed in comparison to February 2017. This bears out the feeling that tenants are choosing to stay in properties longer. Our average tenancy now stands at 21 months.