The Rental Landscape in Longridge: A Closer Look at 3-Bedroom Properties
The rental market in Longridge and the surrounding areas is continually evolving, with one property type standing out: the 3-bedroom house.
Recent data shows that the average rent for a 3-bedroom property in the area is £845 per month. However, when we look at the rents for properties we have let over the past 12 months, our average rent for the same style of home is £980 per month. So, why is our rental rate higher, and what does this mean for landlords and tenants?
Why is Our Rent Higher?
There are several reasons why our 3-bedroom properties are letting for an average of £980 per month, above the area's average of £845.
1. Quality of Properties: The homes we rent out are often of a higher standard, featuring modern interiors, well-maintained kitchens and bathrooms, and added amenities that cater to today’s renters. Many of our properties come with spacious gardens, off-street parking, or other desirable features that make them stand out from the average rental stock.
2. Prime Locations: Location is key when it comes to rental prices. Many of our properties are located in prime spots within Longridge, offering easy access to local shops, schools, and public transport links. The convenience of these locations plays a major role in attracting higher-paying tenants who are willing to pay a little more for the added benefits.
3. Longer-Term Tenants: With a growing number of mature renters in Longridge, our properties attract tenants who are looking for a long-term home. These individuals and families value stability and are often willing to pay slightly more for a property that meets their needs and offers a comfortable living environment.
4. Market Demand: The increasing demand for quality rental properties in Longridge means that landlords can command higher rents. As the area’s rental market strengthens, more renters are willing to pay a premium for homes that meet their expectations.
What Does This Mean for Landlords?
For landlords, this higher-than-average rent signifies a strong opportunity to generate greater returns on rental properties. It shows that well-presented, well-located homes with desirable features can fetch higher rents, even in a market where the average rent for similar properties might be lower. By focusing on quality, landlords can attract a reliable and professional tenant base willing to pay a premium for their homes.
What Does This Mean for Renters?
For renters, the higher rent price reflects the quality and value of the property. Tenants are paying not just for the space, but for a well-maintained home in a great location that offers long-term benefits. While the rent is above average, many renters find that the added amenities and location make the extra cost worthwhile.
Conclusion
The difference between the average rent for a 3-bedroom property in Longridge (£845) and the rent we charge (£980) highlights the importance of quality and location in today’s rental market. For landlords, offering high-quality properties in prime locations can lead to better returns, while renters can expect to pay a little more for the added comfort and convenience that comes with a premium home. Whether you are a landlord or a tenant, understanding the factors that drive rental prices will help you make informed decisions in the Longridge rental market.
We’re here to help you maximise the potential of your property.
Contact me directly on to discuss how we can assist in ensuring you're achieving the right rental income for your home.
01772 319421 | toby@pendlehillproperties.co.uk
