It seems that the covid effect, which increased demand – and rental prices – is easing up slightly as the UK’s rental market starts to return to a pre-pandemic state. Demand is still quite high, but more properties are coming onto the rental market to satisfy that demand.
Increased rental supply may lead to slightly lower rents
While rental prices in Cheltenham saw quite a bit of growth in 2023, the pace of this increase has slowed somewhat and rents have decreased slightly since the end of 2023. Whether this downward trend will continue is yet to be seen, but it’s a good time for tenants to look for a new home in Cheltenham and its surrounding areas.
This moderation is partly down to people buying properties after being delayed by covid. It’s also due to some renters, who moved to the relatively rural Cheltenham area to work from home during the pandemic, heading back to urban centres like London and Bristol.
Cheltenham has a wide variety of rental property types
With two university campuses and several big employers such as GCHQ and Spirax Sarco, Cheltenham has a rental market aimed at a wide variety of tenants. From student house shares to luxury Grade II listed detached family houses and flats for professional couples, Cheltenham has something for everyone.
Average rental costs in and around Cheltenham
On the whole, rents in Cheltenham are lower than in other parts of Great Britain, with an average of £1,107pcm compared to a national average of £1,238pcm (across all property types).
The average three-bedroom family house in Cheltenham has a monthly rental of £1,829 and a flat costs £1,294 in rent each month. As you might imagine, Cheltenham rental properties are slightly more expensive than rentals outside Cheltenham, with a three-bedroom family house in Bishop’s Cleeve costing an average of £1,475 each month.
If you’re looking for a new home in or around Cheltenham, then come to Elliot Oliver as we can help you to find your perfect rental property.
