This week I wanted to look at the cost of renting a
property in and around Melton Mowbray.
Often the average monthly rents reported in the newspapers
will consider the rents currently paid by tenants. These days many tenants are staying longer in
their rented property and they are paying below market rents. Even if the rents
are reviewed each year they do not always keep pace with the rent you could
achieve if it came on the market to be re let. Many landlords do not look to increase a rent
if they have a good tenant.
Tenants looking to rent a property now also Landlords
looking to invest in a property need to know how much rent the property is
going to be if it is marketed today.
I looked at two popular examples of a rental property and
tracked the rents achieved per calendar month as each sort came up for re let. The first thing I noticed was the rents seemed
to stay very steady from around 2008 to 2011, which ties in with the difficult
economic times the country was experiencing.
I looked at large 2 bed terrace properties, in good
condition with an upstairs bathroom and a small garden. Popular with tenants and investors this type
of property has seen a rental increase of around 15% since 2011, they are
currently achieving £575 pcm.
The good size 3 bed semi with a garage is always an easy
type of property to find a tenant for. These
have also seen an increase in rent since 2011 but it is closer to 12% for these
properties. They are currently achieving
at least £650 pcm.
Of course the rental return always depends on the area
and the condition of the property. Keeping
a property well maintained will help maximise the rental return you can expect.
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