Rental Market Activity January 2024

Its fair to say that the last quarter of 2023 was the most difficult in the year to find new tenants. Void periods were slightly extended with it taking on average 4 weeks to find a new tenant, rather than 10 days that was the average earlier in the year. Enquiries for new instructions were down, and many of those enquiries did not meet our affordability levels. The cost of living crisis seemed to finally have caught up and monthly rents were definitely levelling out with minimal annual rises.

Although its very early days, so far 2024 has been a blistering start. We agreed new tenancies on 4 properties in the first 5 days, with a number of disappointed tenants missing out. Viewing levels for week 2 are already very high on our remaining available properties.

Demand is good across all types of properties, but specifically 3 bedroom properties are most sought after. Enquiries are evenly spread between local and out of the area tenants. Cambourne still remains very popular to the Cambridge based work force as it offers a host of amenities, excellent schooling and more affordable rents than in Cambridge. Huntingdon is popular with London commuters, people who travel for work as the road network is so good, and a more localised work force.