Thinking of moving to Brighton and want to find a rental that will satisfy all of your needs? Before making the jump and moving, you need to know what the rental market in Brighton has to offer and what you can expect when living in Brighton.
Common Statistics to Know
Homes.co.uk offers very insightful statistics to all potential renters in Brighton. This information will allow you to judge whether or not the city is a good fit for you economically.
A few of the most important statistics are as follows:
Number of Properties Available
There are currently over 1,400 properties available for rent, with over 450 properties being new listings that have just appeared within the last 14 days. These are properties of all types from rooms to flats or entire houses.
The cost of rent will change greatly depending on how many rooms are needed and what type of rental is chosen. According to the statistics, a person can expect to pay a median rent of 1,248 pounds. However, the average property in Brighton rents for 1,347 pounds.
These figures will be discussed more in-depth below.
Rental Statistics for Property Owners
Thinking of getting into the rental market in Brighton as a solid investment? There are a few statistics that you may want to consider before making an investment.
Average Time on the Market
The cost of rent will dictate the average time on the market as well as the size of the rental. This should come as no surprise to investors, but knowing the optimal room number will be of the utmost importance to all investors.
On a whole, the average property will be on the market for 81 days. This is, as mentioned, an average with some rent ranges on the market for more than 120 days, and other rental ranges on the market for just 52 days.
The statistics show that room-only rentals are by far the hardest to rent with an average time on the market being 205 days and a median rent of just 473 pounds. The lowest time on the market would be 49 days for flats with a median rent of 997 pounds. Houses are almost double the rental cost and time on the market with median prices being 1,700 pounds and a time on the market of 105 days.
Two bedroom rentals will be the fastest moving at 38 days on the market and an average rent of 1,209 pounds. Three bedrooms offer a much higher rental income on average with a 45 day time on the market seen and a rental average of 1,483 pounds.
Properties that have abnormally low price ranges or high price ranges will be unrented for much longer than moderate pricing. Properties between 250 and 500 pounds are on the market for 159 days on average and properties that require a rental price of 2,000 or more pounds will stay on the market for more than 120 days on average.
As a property owner, it is far more lucrative to rent out a house than any other property type. This, however, also comes with the downside of a long waiting period between renters. Flats are the ideal choice for investors as they do not stay on the market for much longer than a month and yield an average rent of 1,087 pounds. The competition is much higher when renting out a flat, with more than 50 percent of all rentals being flats.
Single room rentals are the lowest in terms of availability and rental income expectancy.
The statistics provided were for a 5 mile radius starting at the centre of Brighton.
Letting a property will provide the utmost in amenities to the tenant. Not only does Brighton have a lot to do, but the Pavilion makes it a hotspot for tourists and an exciting summer that is filled with fun, food and great movies that are broadcasted on the big screen during the month of July.
The rental market in Brighton is currently thriving. Ranked 3rd in the 2013 Vitality Index, Brighton has a very strong economy that is expected to grow in the coming years. For renters and investors alike, this is a great city with a lot of potential.