March brought with it a welcome return of sunshine and a beautiful array of colourful blooms. The warmer weather also invigorated the local lettings market, bringing tenants out of their self-imposed winter hibernations in search of new rental homes. Let’s take a look at what’s been happening in the lettings market in Cornwall during March 2023.
By regularly examining the facts and data, we provide valuable insights to landlords and tenants, helping you make informed decisions in the ever-changing Cornish rental property market.
The average property rent in Cornwall is currently £1,314pcm which is a 1.9% increase since last month. There are currently 388 properties available to rent which is a slight drop from 425 last month.
In January the average property rent in Cornwall was £1,290pcm; in December, it was £1,178pcm, in November, it was £1,202pcm; in October, it was £1,330pcm; and in September the average rent in Cornwall was £1,239pcm.
Let’s have a brief look at what’s been happening over the last month in the lettings market in Penryn and the local area.
The average property rent in Penryn and the local area is £1,329pcm which is an increase of 19.3% since last month when it was £1,114pcm. In December, the average property rent in Penryn and the local area was £1,043pcm. There are currently 114 properties available to rent in Penryn and the local area. In February, there were 155; in January, there were 359; in December, there were 158; in November there were 122 properties; in October, 116 were available; and in September, there were 99 available. This is great news for those looking for a new rental home as the large amount of choice means that it is easier for them to find properties that match their preferences, budget, and specific requirements.
In March, 53 new properties came to the rental market in our area; in February, there were 63; in January 217 were added. In December, there were 123; in November, we saw 73 come to market; in October, the same, 73; and 59 in September. Having a steady number of properties come onto the market each month protects it from severe fluctuations in rental prices thus ensuring greater predictability for everyone.
In February, 74 lets were agreed in Penryn and the local area; in January, 204 lets were agreed; in December, 26. In November, 58 were agreed; in October, 43 were agreed; and in September, there were 42 lets agreed. In March, 59 lets were agreed. The local lettings market always gets busier as we approach the summer so if you are considering letting your property in Penryn and the local area now is an excellent time to do it.
In September, there were on average 99 daily views on Rightmove in our local area; in October, they settled down to 91.3; and in November, they rose to 109.8. December saw 99 average views per property per day; in January it rose slightly to 102; in February it settled at 97.9 and remained steady during March at 96.3. There’s rarely a shortage of people looking to rent in our area. The key is to choose the right people who you know will look after the property and maintain excellent communication with them. That way, the things that fall under your responsibility as a landlord will be reported quickly and you can deal with them before they develop into a bigger problem.
Average daily views per property on Rightmove for rental properties listed by Lang Llewellyn & Co. were 102.4 in March, which was 6% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your choice of letting agent can make when it comes to attracting the right tenant to your property.
If you’re looking for further information about the Cornish property market, please feel free to contact us. If you’re thinking of letting or renting property in this area, please don’t hesitate to get in touch. You can call 01326 331812 or email hello@llcoproperty.com.
