The Chester rental market is currently booming, tenant demand high and rents in the city are increasing on the back of low stock levels. Following a sluggish Spring, which has historically been a consistently busy period in Chester , tenants are viewing and applying . Whereas in March, April and May , tenants were viewing and viewing and viewing without committing and when they were committing they were negotiating hard .
August and September are normally peak months for lettings in the City, but to see the demand increase so much in such a short period of time suggests that many tenants were waiting for the fee ban to come into force on the first of June before moving. I believe that this has pushed prices up and recently a 2 bed , 1 bath apt at Saddlery Way was agreed at £950 . A larger apartment in the complex with an ensuite went for £875 as recently as May .
I believe this upsurge in rental demand may slow down once we get into the Autumn and it will be a very interesting winter . With the new fee ban , tenants are free to move without penalty of fees , so will there be an increase of the 6 month only tenancies ? Only time will tell and it’s certainly the most interesting market I can remember .