Rental market: Average rent in Nottingham hits £935 per calendar month! 💹
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
📸 LEAD IMAGE: Furnished one double bedroom in the Lace Market with off road parking | Monthly £975 📸
Rental market update from Zoopla, key points:
🔸 Average rent in UK = £1,226 per calendar month
🔸 Rents for new lets will rise more slowly this year, but only a major supply boost will help with rental affordability
🔸 The rate at which rents are rising has slowed down to 6.6% for new lets, down from a high of 16% in October 2021
🔸 Competition for properties remains high, with 15 households chasing every rental home (more than double the pre-pandemic average of 6)
🔸 However, choice is starting to increase, with the average number of homes for rent per estate agent up by 18% on this time last year
🔸Zoopla predicts the rates at which rents are rising will continue to slow to 5% over 2024
Across the country, % change in rent and average rents look like this:
Rents start to fall in several cities...
🔹 Rents have fallen over the last quarter across a small number of cities. This is down to rent levels for new lets adjusting to localised changes in available supply and more price-sensitive demand.
🔹Seasonal influences are also a factor, with January to April traditionally being a quieter period before the usual seasonal upturn in rental demand between May and September.
🔹This upturn is linked to both the jobs market and the end and start of the academic year.
📩 For the full article from Zoopla, click here 📩
Are you charging the correct rental amount on your rental property? Contact Lisa (our Head Valuer and Asset Manager) and she'll let you know 👍
📸 Left to right: Emma, Rosie, Lisa and Gary at Cavendish Residential 📸
📸 LEAD IMAGE: Furnished one double bedroom in the Lace Market with off road parking | Monthly £975 📸
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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