New Year’s resolutions are still fresh in the air. This focus on improving and changing our lives in the new year inevitably leads to the lettings market becoming busier. New jobs, new diets, new homes. All of them frequently top New Year’s resolution lists.
As we enter 2023 many people will be focused on a new home, which means that the lettings market always gets a boost in January.
With that in mind let’s briefly examine the local rental market facts and figures, which cover both long- and short-term lets.
In Hull, there are 396 rental properties currently available with an average rent of £714pcm and a median rent of £590pcm. In November there were 405 rental properties available with an average rent of £720 pcm and a median rent of £595 pcm. The month before there were 373 rental properties available with an average rent of £711 pcm and a median rent of £600 pcm.
There were 63 new rental properties that became available over the last 14 days. That is 41 less than in November. That is highly likely to be due to tenants preferring not to move in the weeks just before Christmas.
There are 230 properties currently available in the £500-£1000 pcm bracket which is a slight decrease from 247 last month. There were 240 available in October and 229 in September.
There are 120 properties available in the £250 – £500 pcm price band, similar to the 118 that were available last month. This is a 28% increase from the 94 available in October.
In Hull, there are 161 properties available that have two bedrooms, a similar number to last month when there were 155. In November and October there were 148 and 142 respectively. In September two-bedroom properties were achieving an average rent of £716 pcm. In October their average rent increased slightly to £737 pcm. In November the average rent for two-bedroom properties decreased slightly to £704 pcm and in December it returned to £720pcm. This shows us that two-bedroom properties are in high demand in the Hull area.
There were 65 available properties with three-bedrooms in September. In October there were 77, in November 96 and in December there were 82. The average rent for a three-bedroom property in Hull increased from £892 pcm in September to £914pcm in October but dropped back down to £885 in November and in December was £868 pcm.
There are currently only three available five bedroom properties in Hull, which is the same as last month. They have an average rent of £1081 pcm which is down 42% from the average rent of £1,849 pcm last month. The median rent of the five bedroom properties which are currently available is £795 pcm which is down 167% from the £2,123 pcm median rent of the available five bedroom properties in November.
If you’re looking for further information about the Hull lettings market, please feel free to contact us. If you’re thinking of letting or renting property in this area, please don’t hesitate to get in touch. You can call 01482 216060 or email firstname.lastname@example.org.