I’ve just been trawling through rightmove looking for suitable Rental properties in the Bedford ‘Putnoe’ Catchment Area. Guess How many are available? 8. And 2 of those are Commercial. Out of 15,000 houses or whatever the current number of Properties is, that is a minuscule Number.
You would rightly draw the conclusion that the market is mostly Sales with very few Rental Properties. But as there are so few skews the facts slightly. It doesn’t necessarily indicate what the Demand level is, only that there is a low supply. In our experience, the demand for Rental Properties in the Putnoe has always been high due to a number of factors. Firstly, there a a lot of Schools within the Area. Secondly, the Area is fairly mature and well Established with lots of Green Areas and Parks. Given a choice, most quality Tenants would choose a well proportioned, established Family Home all day long, if its within their budget.
Finally, the last few years have shown an increase in Demand for Good Quality Rental Properties. Changes in Lifestyle and Work requirements means that for a growing number, Renting is the best solution for their own lifestyle.
Now that the Average price of a 3 Bed Semi is about £220-230k in the Putnoe Area and that Rental Figure upwards of £900 could be achieved. A fairly reasonable 5% return on investment could be achieved without too much problem. Given that there is very little Competition in the Area the market is ready willing and able to accommodate such properties.