The Future of The Chelmsford Rental Market

It might surprise some readers that the average rents that tenants have had to pay for a rental property in Chelmsford, are only on average, 5.4% higher than they were in early 2008. But that doesn’t tell the whole story about the Chelmsford property market. You see after the Spring of 2008, when the average rent in Chelmsford was £931 per month, there was a dip in the rents for Chelmsford property of around 4.9% throughout the Summer and Autumn of 2008 as the credit crunch hit. Interestingly, whilst Chelmsford 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 Chelmsford  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. 

Despite the squeeze on Chelmsford 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 and commute into London in just 34 minutes for the price of £3,640 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 the level they are in Chelmsford.

As we go into the Summer of 2014, average rents in Chelmsford stand at £985pm. From a landlord’s perspective, the steady rise in rents is good news, as are steady rising property prices. Interestingly, property values in Chelmsford have seen a rise of over 9% in the last 12 months. Feel free to pop through the door of our offices on Duke Street in Chelmsford or send me an email to stephen.frost@martinco.com