Honourable and personal residential letting experts

4Oct

Rental spotlight – Cambridgeshire regional update, September 2023

Our regional update this month focuses on:

  • Overview of the market 
  • How the market’s changes are affecting behaviour
  • Comparisons on the rental values between PE27, PE28, PE29 CB23 and CB24   
  • What homes have seen the biggest rental yields year-on-year

Rental market overview

The rental market remains very buoyant. The supply/demand ratio has not changed in September, in fact if anything it is getting harder for people to find a rental home.

In September 2023 we marketed and average of 17 properties per week and received on average 200 enquires per week. For those properties checking-in in September, it took an average of 12 days to find a new resident on an average rental of £1,000

However, we are still seeing that properties over £1,200 are starting to take longer to find a new resident.

 

In September, in Cambridgeshire as a whole, there were 35% less properties coming on to the market to rent than this time last year. From our prospective we received 110% more enquires year-on-year. The main reason for this increase for us is that we have been advertising more properties – about 41% than we did this time last year.

To say it is really difficult for someone looking to rent is an understatement .

Rental comparisons PE27, PE28, PE29, CB23 and CB24

You know we love a database and by having this type of detail we are best placed to give you the right guidance when looking at rental reviews and also when you are considering extending your portfolio.

These average figures come from our records. Therefore they are a mixture of the rent reviews that have been put in place over the last year. plus the rental figure achieved at the point of remarketing, and are split by the number of bedrooms.

Which areas have the highest year on year increase by number of bedrooms?

What we all know is that higher rents can be achieved the nearer you are to Cambridge. However, when you get to the bigger properties the US market (and budget) kicks in.

From the statistics we are receiving from our referencing provider, people seem to be a bit cautious when taking a rental property. For example we want to make sure that no more than 30% of the household income is spent on rental. Our rental provider is telling us that people are keeping to an average of 26%.

What yield should I expect? 

That is very much down to when you bought the property. 

The average gross rental yield that we can see in September for our landlords is  between 6.7%  to 27.1 %.

These are landlords that have been working with us for more than one year and, in the main, have increased the rent on an annual basis.

If you want to hear about other figures in Cambridgeshire just ask – we have tons of data!

Extending your portfolio?

If you are looking to extend your portfolio, I would say now is a good time to see what is out there.

If you would like to book a free exploratory chat with me just click here!