The historic town of Gillingham has become a popular location for those looking to invest in property. Whether you’ve been letting homes in Gillingham and surrounding areas for many years, or you are considering your first buy-to-let in the area, there are a few things you should know. All landlords should do their research before investing in a location, in order to decide if it really is the right option for you. As Medway letting agents who have been operating across Gillingham, Strood and Rochester for years, we understand the market inside and out. Read on for our top five things that landlords in Gillingham need to know.
Gillingham House Prices Are Soaring
Property prices across the entire country are at an all time high, and Gillingham is no exception. The average price of a property in the town has increased by 8.3% in the last year, and a huge 17.3% over the last five years. Rental prices are usually what landlords are interested in, and these have risen by 7.3% in the last five years. The average monthly rental for Gillingham is £705 per month. If you already own a property to rent in Medway, then you can expect to earn more rent on it now than ever before.
Tenant Demand Is High
Many landlords are concerned about investing in properties only for them to sit empty for months while a suitable tenant is found. At the minute, demand for property to rent in Medway is very high, and rentals in Gillingham are going quickly. University staff, hospital workers and students are all on the lookout for Medway housing.
Tenant Requirements Are Changing
A few years ago, tenants in Gillingham wanted properties that were central with excellent transport links. Now, many renters are prioritising properties with more space or improved features over location. If you have a property to rent in Medway with a large garden, a home office, or a balcony, then you could see more interest than ever before. Landlords letting homes without these features could benefit from investing in the property to incorporate features that are most important to tenants now.
Landlords Have More Choice Over Tenants
Choosing the people to live in your property is a big decision, and for years landlords have felt obliged to take on any interested tenants, out of fear of the property sitting empty. With an increased demand for property to rent in Medway, landlords can now take their time to find the perfect tenant and have the option to be fussy. If the first people who apply don’t seem like the right fit, you can turn them down with some confidence that many other tenants are looking for a home to rent in Gillingham.
Local Medway Lettings Agents Know The Area Best
When it comes to choosing estate agents in Gillingham, it is always best to choose a local company that knows the area. Some estate agents in Medway are nationwide firms with offices across the country. Picking a letting agent that works solely in Gillingham, Strood, Rochester and surrounding areas, means you are choosing one with plenty of first-hand knowledge.
At Paramount Sales & Lettings, we are proud of the work we do in the local Gillingham community. Our lettings experts are on hand to help landlords navigate the property market and manage their tenants effortlessly. To find out more, get in touch.