Letting Property in Sutton Coldfield
The rental market in Sutton Coldfield is small but prosperous, with both families and professionals being attracted to the idyllic location. As the rental market currently stands, homes of between 1 and 5 bedrooms are the most popular, with properties above this size being used to tap into the house share market. Whether you’re investing in your first property or expanding your empire, Hunters are here to help.
Studio and 1 bedroomed properties
Studio properties can be bought for as little as £70k at auction (or £90k in the traditional market) and with very little renovation can be made ready for rental. With a typical yield of between £500pcm and £625pcm these homes are lucrative and a great purchase for anyone looking to start off their portfolio. Whilst there is a small market for luxury 1 bedroomed rentals in Sutton Coldfield, the demand is currently low, and more expensive rentals may alienate some potential tenants.
2 bedroomed properties
Investments into 2 bedroomed properties can range between £135k and £325k depending on the type of property. Compact and traditional apartments abound at the lower end of the selection, with larger apartments first appearing on the market for £210k to £250k. The yields on these homes is usually between £650pcm and £700pcm which is a promising return for any landlord. Properties in gated developments can expect a yield of £800pcm, as can detached bungalows and larger duplexes. As with the 1 bedroomed market, the demand for luxury 2 bedroomed properties is currently lower, but this is likely to change over time. For these homes you might expect to invest anywhere between £330k and £425k, but the potential yields are (for now) unknown.
3 bedroomed properties
This is the largest section of the rental market in Sutton Coldfield, and a great size of property to invest in. With an investment of £200k you can purchase a terraced property with either a front or rear garden, the yield on this is upwards of £900pcm. Semi-detached homes will cost anywhere from £220k and up and deliver a similar yield. What makes these properties such an attractive investment is the fact that these homes will attract families who want longer tenancies saving you time and hassle later. Prices then steadily increase with the first detached homes costing between £300k and £360k. Depending on whether it’s a two storey house with one parking space or a bungalow with a double garage will affect the yield. Typically you can expect to charge at least £1800pcm rent, with £2000pcm being more common. For luxurious properties investors should expect to spend upwards of £450k, but for an investment of this size the yields can increase dramatically. The grandest of 3 bedroomed rental properties can command up to £3500 rent per calendar month. These properties are a great choice for any landlords looking to expand their property empire.
4 bedroomed properties
The 4 bedroomed rental market in Sutton Coldfield is slightly smaller, but still very lucrative. Investments start with semi-detached and smaller detached properties for between £350k and £400k. The yields on these homes range between £1300pcm and £1600pcm. If you choose to spend over this amount then expect to find a slow market increase of up to £450k at which point you can expect to find houses with a double garage or a larger driveway. The increase on yields for these properties isn’t huge, and may not be worth the extra cost to some investors. When properties become this size, the demand for luxury properties drops off again, with families and renters usually wanting to economise and save money.
5 bedroomed properties
At this time the largest properties on the rental market in Sutton Coldfield are typically 5 bedroomed homes. They can cost anywhere between £450k and £625k and expect to yield between £2900pcm and £3500pcm. With a property of this size, landlords can start to venture into the house share market, and charge at least £400pcm per tenant which increases the overall yield. The only drawback with this option is that it is hard to guarantee all of the rooms being occupied at all times. Whatever you choose to do with your 5 bedroomed investment Hunters are here to help.
We know that every landlord is different, that needs and experiences vary, and we’re here to help you through all of it. From tenant find to property management and everything in between our local area experts are here to guide you. Get in touch with our team today and find out how we can make your property dreams a reality.