Letting in Redditch
Redditch is a great place to be a landlord, and whether you're looking to invest in your first property or to expand your empire, there's something for you. Investments start from as little as £70,000 and can go to above £500,000 for the most opulent properties. Commonly, rental properties do not go beyond being 4 or 5 bedroomed detached properties, but should you wish to purchase a lavish house with grounds that could be converted into an escapist holiday home, you can do that too.
Studio and 1 bedroomed properties
You can find smaller studio properties in Redditch for as little as £70,000, with studios presenting at the lower end of the scale and true one bedroomed properties coming onto the market at the £85,000 mark. Respectively these homes can expect a yield of between £375pcm and £450pcm for studios, and between £475pcm and £600pcm for true 1 bedroomed flats. In order to achieve the higher yields properties must be modern, well appointed and well maintained, with furnishings included.
2 bedroomed properties
2 bedroomed homes are much more prevalent on the Redditch lettings market and attract both sharing professionals and smaller families. Outlying costs can be anywhere £110,000 for apartments and £175,000 for semi-detached houses which leads to an equally broad per calendar month yield – it can be anywhere between £575pcm and £800pcm. As before, if you're looking to attain the higher yields, then you'll need to have modern renovations and light goods throughout. Given the availability of properties across Redditch, other aspects such as proximity to schools and transport links will also affect the value of your property.
3 bedroomed properties
The widest market for rentals in Redditch comes when exploring the market for 3 bedroomed properties, as terraces and yield up to a third less than semi-detached properties. The first three bedroomed terraces are available to purchase from £135,000 and will need some renovation, but can then expect to yield upwards of £650pcm. Conversely, semi-detached homes can be purchased from £175,000 and up, and usually generate a yield of at least £800pcm; though, this can go up to £950pcm for properties with both a front and rear private garden.
4 and five bedroomed properties
The rentals market for 4 and 5 bedroomed properties is smaller, but there's always room to grow. Unlike smaller properties, homes of this size are almost always in the traditional house form; either as terraces, semi-detached houses, or fully detached houses. These homes typically appeal most to larger families which house two or three generations at once. The yield on houses of this size is not significantly larger for having an additional bedroom, with yields of between £800pcm and £1000 pcm being the norm. Your outlying cost for homes of this size will be between £200,000 and £300,000, but these houses tend to secure long lets easily as families are looking to settle in for the long haul.
This guide should give you a reasonable overview of the lettings opportunities within Redditch, however, the market is subject to change. Additionally, we appreciate that every landlord's needs are different, so if you have any questions, please don't hesitate to get in touch with our office. Our fully trained lettings agents are here to guide you through the process every step of the way and will always endeavour to look out for your best interests.