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The future of the Royal Tunbridge Wells rental market

The future of the Royal Tunbridge Wells rental market

It might surprise some readers that the average rents, that tenants have had to pay for a rental property in Royal Tunbridge Wells, are only on average 5.4% higher than they were in early 2008. But even that doesn’t tell the whole story about the Royal Tunbridge Wells private rental property market.

You see after the Spring of 2008, when the average rent in Royal Tunbridge Wells was £1,075 per month, there was a dip in the rents for Royal Tunbridge Wells property of around 4.9% throughout the Summer and Autumn of 2008 as the credit crunch hit.

Interestingly, whilst Royal Tunbridge Wells rents dropped by 4.9%, the picture was far worse nationally and regionally, as rents dropped by around 10% to 15%, depending where you lived. Since 2010, rents have steadily risen by just around 2% a year in Royal Tunbridge Wells and as we have passed the first quarter of the year of 2014, a lack of decently presented stock available to rent means rental averages are, in the main, rising.

This is all still despite the squeeze on Royal Tunbridge Wells wages. Demand has remained good, mainly in part to the demand of tenants from London who are happy to commute. There are still plenty of tenants willing to pay for well maintained properties in great locations, especially 3 bed semis or 2 bed apartments near the train station and commute into London in just 57 minutes for the price of £4,260 for a season ticket. In some outer districts of London, it takes just as long to get into the centre of London, the annual tube season ticket being in excess of £3,000, but average rents twice or even three times the level they are in Royal Tunbridge Wells.

As we go into the Summer of 2014, average rents in Royal Tunbridge Wells stand at £1,134pm. From a landlord perspective, the steady rise in rents is good news, as are steady rising property prices. Interestingly, property values in Royal Tunbridge Wells have seen a rise of over 5.4% in the last 12 months. Feel free to pop through the door of our offices on Vale Road in Royal Tunbridge Wells  or send me an email to david.rogers@martinco.com