It would seem Cambridge is becoming more exclusive by the year, with rent increases beating national records. According to a recent report by the Cambridge News, the city’s private rental market has been branded “a bonanza for landlords”, with the highest rent increases in the country.
Figures produced by the newspaper show that the average rent in Cambridge went up by 20 per cent in just a year. This, they claim, is the third highest rental increase outside of London, “with only the commuter belt Three Rivers and the City of London seeing a higher surge in prices”.
Every type of property in Cambridge has seen double-digit increases on average rents, year on year.
Like many university cities Cambridge has a disproportionately high number of HMOs (bed-sits) according to Cambridge City Council figures obtained by the News. The estimate is that more than 5,000 houses in the city are now houses in multiple of occupation (HMOs) – equating to around 10 per cent of the entire housing stock.
These figures are the average cost of renting that type of property in Cambridge over the specified time period, according to the Valuation Office Agency. The figure in brackets is where Cambridge ranked nationally… among all the local authorities outside London. For the year on year % increase, the figure in brackets is also Cambridge’s rank nationally, but includes the local authorities in London as well The figures from the Valuation Office Agency (VOA) Anton Frost, lettings partner at Carter Jonas Bradshaws, told the Cambridge News: “These figures are an indication of Cambridge’s strong economy, which continues to attract high calibrate tenants for landlords across the city. “As Cambridge becomes increasingly more attractive, the side effect is an increased cost of living.”
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These figures are the average cost of renting that type of property in Cambridge over the specified time period, according to the Valuation Office Agency. The figure in brackets is where Cambridge is ranked nationally.
Commenting on the latest statistics, Northwood branch Manager Mat Maltby said:
“The figures are an accurate reflection of the market conditions in Cambridge. Aside from the draw of the University for tenants, the city is growing at pace due to hi-tech businesses relocating to the Science Park and the continued growth of Cambridge airport as a transport hub.
“The council have responded well to the growing demands of housing stock in the area and have granted planning permission for numerous sites around the city for residential dwellings.
“A number of the new builds are nearing completion and present some great opportunities for buy-to-let landlords. Across Cambridge its a robust marketplace and rightly deserves it’s reputation as a hotspot for property investment.
Article courtesy of LandlordZONE
Read more at: http://www.landlordzone.co.uk/news/cambridge-has-the-highest-rent-increases
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