In this article, we will focus on the rental market specifically within the Preston and South Ribble area. Demand for rental properties remains at an all-time high, but we are seeing more issues with affordability amongst a landscape of rising rents.
Local Market Snapshot
Before we narrow our focus to Preston and South Ribble, it's important to consider the broader context of the national rental market, which has been subject to a number of wide-ranging changes in recent years. There have been several major changes to legislation, with more to come, and a feeling amongst some landlords that the government are pursuing policies which are very detrimental to attracting investment into the Private Rented Sector (PRS). This, coupled with rising interest rates has meant many landlords are opting to leave the sector, making available properties even more scarce and thus increasing demand from tenants.
Preston and South Ribble: A Unique Market
The Preston and South Ribble market encompasses every type of property, from city centre apartments to larger rural properties. Many of the suburban areas have excellent schools, meaning demand for family sized properties is often extremely high.
Preston: The City of Opportunities
Preston, a vibrant and growing city, has garnered significant attention in recent years. Its economic growth, excellent educational institutions, and accessibility to the larger cities of Manchester and Liverpool have made it a prime location for renters. Demand is high across all types of property from a wide variety of tenants, from students to retired couples looking to downsize. Many tenants we meet are looking for long-term stability, and are often prepared to pay a higher deposit so they can have a pet.
Prospects for Tenants
If you're a tenant in Preston or South Ribble, you'll find that competition for properties can be high and this can create a tricky situation to navigate. If you view a property with Roberts and Co we do our utmost to make the process fair and transparent, letting the landlord make the final decision once we have all application forms in from any interested parties. If you’re finding it tough to secure a property, it can be worth speaking to letting agents direct and giving them some background – if you’ve been an exemplary tenant for 8 years in the same property then a new landlord is likely to be impressed by this stability. Always be honest, many of our landlords are happy to give people a chance in the right circumstances.
Opportunities for Landlords
For landlords in Preston and South Ribble, the current market presents an excellent opportunity for investment. The ongoing demand for rental properties shows no sign of abating, and rents are very much holding steady at record levels. There are also opportunities to purchase properties with sitting tenants, giving you the reassurance of a longstanding agreement and some history around rent payments and the way the tenant looks after the property.
Expert Guidance for Success
At Roberts & Co our team is well-versed in the Preston and South Ribble rental market. Whether you're a tenant or a landlord, we provide valuable advice on property pricing, marketing strategies, and legal obligations which you need to take into account. Our fully managed landlords enjoy peace of mind, regular updates and an all-inclusive service with no additional charges. Landlords looking for a tenant find only service can be assured that the tenancy will be completely legally compliant at the point of the tenant moving in.
If you have any questions or would like to discuss the rental market in Preston and South Ribble, please don't hesitate to contact us. Our experienced team is dedicated to facilitating a seamless and successful property journey, whether you are a landlord or a tenant.Share Article
Rental Market Update September 2021
After an exceptionally busy summer it’s time for another rental(..)read article
Don’t get left behind this Christmas … (like Kevin!)
For many people, the thought of placing their home on(..)read article
selling your home?
We can provide a FREE, no obligation valuation.