Cambridge has been identified as one of the UK’s top lettings hotspots according to The Homelets Rental Index annual review, which found average rents in the city have continued to rise significantly during 2014.
Average rents across the UK in 2014 were 6.6% higher than the previous year, with the average monthly rent in the UK now standing at £867. Cambridge saw increases significantly above the national average.
Leaders’ Cambridge branch manager, Sarah Cox, said that good quality property to rent in Cambridge has been in high demand for a number of years, with demand outstripping supply.
“Cambridge offers plenty of opportunities for buy-to-let investors who want a stable investment,” said Ms Cox. ”Yields are around 4% in the Cambridge area, which compares very favourably to low interest rates, and the risk of void periods is minimal due to the consistently strong demand for property. We find that this is very attractive to landlords looking for a secure rental income and the potential for long-term capital growth.”
Rents in Cambridge have been steadily rising. As well as professionals and families wanting to rent in the city, there is continuous demand from students for properties to rent.
“Although there are a lot of modern student blocks being built in Cambridge by the universities, there is still a good student market for private landlords because students usually choose to stay in the university accommodation for their first year only and then move into a house or flat share for the remaining years. Renting to students typically brings higher yields for landlords and the risks are low if it is done properly.”
Overall, demand for rental property in Cambridge is increasing and Leaders expect this trend to continue this year. The flexibility and affordability of renting is appealing to many people looking to live in Cambridge.
If you are looking for advice you can trust on all aspects of letting, buying-to-let or renting in Cambridge, the experienced, professionally qualified Letting Agents team at Leaders will be happy to help – please call 01223 500387, email firstname.lastname@example.org