If you’re considering investing in rental property in Burnley, it’s important to have a good understanding of the local rental market. In this blog post, we’ll provide an overview of Burnley’s rental market, including key statistics and local trends.
Overview of Burnley Rental Market
Burnley is a town in Lancashire, in the northwest of England. The town has a population of around 73,000 people and is known for its strong manufacturing and engineering industries. Burnley has a diverse rental market, with a range of properties available to suit different budgets and preferences.
Average Rent Prices in Burnley
According to Zoopla, the average rent price in Burnley is currently £469 per month. This is significantly lower than the UK average rent price of £1,000 per month. However, it’s worth noting that rent prices can vary depending on the location, type of property, and local demand.
Types of Properties in Burnley Rental Market
Burnley’s rental market is diverse, with a range of different property types available. Some of the most popular types of rental properties in Burnley include terraced houses, apartments, and semi-detached houses. It’s also worth noting that there is a growing demand for student accommodation in Burnley, due to the town’s proximity to colleges and universities, such as UCLAN, in nearby towns and cities.
Rental Market Trends in Burnley
One of the key trends in Burnley’s rental market is a growing demand for high-quality, well-maintained properties. Tenants are increasingly looking for properties that offer good value for money, and that are in good condition. This means that landlords who invest in maintaining and improving their rental properties are likely to attract more tenants and achieve higher rental yields.
Vacancy Rates in Burnley
According to the latest data from Home.co.uk, the vacancy rate for rental properties in Burnley is currently 0.8%. This is relatively low, indicating that there is a healthy level of demand for rental properties in the town.
Burnley’s rental market offers a range of opportunities for landlords who are looking to invest in rental property. While average rent prices are lower than the UK average, there is still a strong demand for high-quality, well-maintained properties. By understanding local market trends and staying up-to-date with the latest data and statistics, landlords can make informed decisions about their rental property investments in Burnley.
