Rental Demand Increases For Preston

It has been recorded that rent increases have hit a 13-year high as demand from renters in the central zones of major cities doubles, according to property website Zoopla.

While renters are returning to popular cities, the rise in demand is not being met by an increase in the number of homes available to rent, forcing rents to become higher - this remains the case in Preston.

Uclan Preston

Preston Uclan campus

Home to Uclan university, BAE systems and recently voted the ‘best city to work and live in 2021’ it is no surprise that Preston is a desirable location for young professionals looking to rent.

The good news is that despite the increase in rents, affordability has remained largely unchanged thanks to rising pay. Rents are accounting at an average of 37% of a single tenant’s monthly income which is due to stay throughout 2022.

Bishopgate-Nov-18-2021-11-54-46-70-AM

Bishopgate Gardens

With the completion of our flagship development Bishopgate Gardens looming, we have seen an unprecedented demand for our popular apartment complex.

Michael Heyworth, Preston Lettings Manager at HG Premier Lettings said:

"After 10 years in the industry, I have never known demand quite like it. We currently have a database of over 200 potential tenants eager to secure a property in this sought after development. Our two most recent properties listed on the market have shown an average of 130% more activity than similar listings within the area. In addition to this, over the last 3 months, our other Preston properties have seen rental increases, generating at an average of 13% per calendar month".

This is a great time if you're a landlord with a property to rent; the dual trend of rising demand and higher rents means good news for you. The current buoyancy of the rental market may mean it's a good time to think about extending your property portfolio. With new units released on Bishopgate Gardens and availability remaining at The Exchange, Preston is a fantastic place to start.

 


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