How the Local Rental Market is Performing: A Quarterly Update
Posted on 17th September 2024
Welcome to our quarterly update on the rental market in Milton Keynes! Whether you’re a current tenant, a prospective renter, or a property owner, staying informed about local market trends can help you make better decisions. In this post, we’ll break down the latest developments, key statistics, and what they mean for you.
Market Overview
As we move into Autumn, the Milton Keynes rental market continues to exhibit dynamic trends. The demand for rental properties remains robust, with various factors influencing both rental prices and availability. Here’s a snapshot of what’s been happening in the local rental market recently:
Average rent
In July 2024, the average monthly private rent in Milton Keynes was £1,246, which is a 5.4% increase from July 2023.
Demand
Demand for property in Milton Keynes is high, but there are many properties at a high market price.
Rental growth
Milton Keynes is a prime location for rental growth due to its modern infrastructure, strategic location, and excellent transport links.
Affordability
Milton Keynes is relatively affordable compared to other UK cities, which attracts both businesses and residents.
Investment
New investment in the private rented sector is low, but demand is set to remain above-average. This means rents will continue to increase at a slowing rate
What This Means for Tenants
Budget Adjustments: With rising rental prices, tenants should be prepared to adjust their budgets. Exploring different neighborhoods or considering smaller properties might help find a suitable rental within budget.
Act Quickly: Due to high demand and competitive rental conditions, it’s essential for tenants to act quickly when they find a property they like. Being prepared with necessary documentation and having a flexible moving timeline can give you an edge in securing a rental.
What This Means for Landlords
Consider Rent Adjustments: If you’re a landlord, this may be a good time to review your rental pricing strategy. Ensure that your rent is competitive with current market rates while also reflecting the value and condition of your property.
Enhance Property Appeal: To attract tenants in a competitive market, consider making updates or enhancements to your property. Offering amenities such as high-speed internet, modern appliances, or pet-friendly features can make your property more appealing.
For the latest updates and personalized advice, don’t hesitate to reach out to our team. Whether you’re looking to rent, buy, or manage a property, we’re here to help you navigate the Milton Keynes rental market with confidence. Call us on 01908 535000 or email enquiries@letting-genie.net
Letting Genie: Letting agents for Milton Keynes, Bedford, Rushden and surrounding areas.
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