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Hitchin and Stevenage
32 Bancroft Hitchin, Hertfordshire SG5 1LA
Sales: 01462 433949 Lettings: 01462 433949

Opening Hours

Opening Hours:

Monday – Friday: 9.00am to 6.00pm
Saturday: 10.00am to 4.00pm
Late night viewings available

 

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What is your Hitchin apartment worth to rent?

What is your Hitchin apartment worth to rent?

With the well publicized, upward trend of local rents I am finding more and more landlords coming to me asking me what to do about their rent increases and how much they should be increasing their rents. The incoming changes to landlords rights to deduct mortgage costs from their rental profit is also a huge motivator for an increase in rent and is making this a more important subject than ever.  

Whilst it is always difficult to guarantee a one size fits all approach I think it is always good to have an understanding of the current market and what properties similar to yours are renting for right now.  So with this in mind I have created a short brief below on the most popular rental blocks in Hitchin and what rents we are currently seeing.

Modern apartment blocks in town centre locations or near to the train station are always in high demand and Johnson Place, on Walsworth Road  is certainly one of the most sought after blocks. Two bedroom two bathroom apartments are currently renting for around £995pcm and we charge £25pcm for tenants water usage to be paid on to the management company.  One bedroom apartments can vary a little more but should now be returning around £775-£825pcm.

Another popular rental spot is Peppermint road, situated behind Sainsbury’s, off Bancroft. This block is supremely convenient for access to the town centre and the train station. Again a two bedroom two bathroom apartment here should return you a similar figure of £995, though water is not billed by the block management company so there is no cause for a water charge.  Again a similar return of £775-£825 should be expected for a one bedroom apartment.

Coopers Yard, just off the market square is even more central and rents here vary significantly due to the individual nature of the apartments and provision of a multitude of large penthouse style properties. Due to the average size of these apartments and a seemingly constant availability of two beds we tend to see an average rent price here of £900-£950pcm for two bedroom two bathroom properties.

As you can see, if you own or are considering purchasing a two bed two bathroom apartment, a location near the town centre or train station is of great importance and demand for such properties is very high, thusly seeing consistent renting at very good rents.

Another important factor to consider is that the rent amount is only one aspect of your continued letting, you also must consider the quality of your tenants, if they have been great then you may wish to consider allowing them to continue at a reduced rate, it is rarely worth moving tenants on unless the likely increase is substantial. You should also consider how long your tenants will renew for, whilst you do not have to create a fixed term you should consider the implications of the length of any fixed renewal, do try to avoid ending up on top of Christmas if you can.

 

These apartments are all quite similar in location, style, size and age, but if you have an apartment in Hitchin or the surrounding areas which is outside of this mould then please do feel free to contact me and I shall endeavour to provide you with a rental estimate as promptly as possible.  

How long a fixed term is usual when agreeing a renewal?

Most contracts are agreed at 6 or 12 months, but you are not limited to these options. For instance, if a 6 month renewal took you into December you may wish to ask for an 8 or 9 month contract which would take you through the quieter months.  Without getting overly complicated an Assured Shorthold Tenancy can be created to cover up to 36 months quite simply, so depending on you and your tenants you could have a wide range of options. In the event that you wish for a longer contract then there are caveats regarding Assured Shorthold Tenancies and these will need to be considered.

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