Navigating York’s Rental Market

Quantum’s experience as an estate agents in York means we know how attractive York is to prospective residents. And we’re not alone; the latest reports confirm that rental properties in York are highly sought after right now. This presents a big opportunity for anyone who wants to let in the York area.

To help existing York landlords, and those thinking about letting in York, we’ve put together an overview of the latest news in York’s rental market.

What’s the situation?

There are two recent news stories that York landlords should be aware of.

The first is that York’s rent levels are increasing at a faster rate than most UK cities. York Press reports that rents in the city are increasing in the city almost twice as fast as a year ago. In late 2019, the UK’s average monthly rent was £886, which was an increase of 2.6% in the last year. However, York’s rent is increasing by 5% or more annually.

Moreover, York is very popular with homebuyers at the moment. Earlier this month, Bristol Live reported that York is one of the most searched-for places by prospective homebuyers in the UK. Nearby cities like Manchester and Leeds are also very popular with renters. This could lead to landlords pursuing property portfolios in multiple Yorkshire cities like York.

woman on safe with dog in modern flat

What does all this mean?

Whatever your letting goals are, York remains a prime property destination. High house prices mean that renting is increasingly popular. At the same time, tax changes have discouraged some landlords from letting property in the York area. However, while the number of landlords might have decreased, the demand for rental properties has not.

Since this demand is likely to remain constant (or even increase) there is a big opportunity here for landlords to step in and offer more rental properties to York tenants. We believe that any new York rental properties will be extremely popular with York’s renters, and secure tenants very quickly.

Does Quantum offer any help for landlords?

Yes! We work hard to make renting as easy as possible for landlords.

One of our most useful services is our managed letting option. This covers several different features designed to make letting a property as simple as possible. We can collect rent directly, and discuss maintenance issues with your tenants if they arise. If your tenant leaves your property in poor condition, we can also approach them in a friendly, professional manner and resolve any problems you may have.

If you’re struggling with void periods, our tenant find service is just what you’re after. We can fully reference your prospective tenants via a specialist referencing company, which helps us understand their renting history, future housing plans and current work situation. Our city centre office is also open throughout the whole weekend, thereby giving tenants more opportunities to view your property!

Quantum’s Director, David Beattie, provided the following insight:

“Enquiries to the Quantum team over the last few months confirm the reported rise in demand for let properties in the city. This high demand for property in York is a testament to the city’s desirability as a home for many different tenants and homeowners. We’ve helped families, young professionals and students find their ideal rented accommodation in the city. And our team expects renting in York to increase throughout 2020. While landlords may be apprehensive about letting in York, our letting agents in York does everything we can to make the experience as cost-effective and stress-free as possible.”

York Minster park view


Take the first step

If you’re interested in letting in York—or looking for a property to buy to let in York—our estate agents in York has plenty of resources to get you started. You can find a breakdown of our fees here, while our Letting Guides shed light on rule changes, how to attract tenants and what the benefits of York and its surrounding areas truly are.

Sound interesting? Simply give us a call on 01904 631 631, and one of our friendly staff will be happy to help with your enquiry. If you’re not sure when you will be available, you can also request a call-back on our Get in Touch page, or email us directly at homes@quantumestateagency.com. We look forward to hearing from you!

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