As we begin 2025, the rental market in Northwich continues to show robust performance, offering promising opportunities for landlords, tenants, and property investors alike. Using insights from Dataloft by PriceHubble, this article explores the rental trends in Northwich for 2024, providing valuable information on average rents, tenant demographics, property types, and yields.
Average Rents and Annual Growth
Over the past 12 months, the average rent achieved for homes let in Northwich was £901 per month, representing a 9% increase compared to the previous year. This steady upward trend highlights the increasing demand for rental properties in the area, driven by population growth and a dynamic rental market.
Breaking down the figures by property type:
- Flats accounted for 33% of homes let and achieved an average rent of £733 per month.
- Houses had a higher average rent of £985 per month.
These figures underscore the diverse rental options available in Northwich, catering to a wide range of tenant needs.
Rental Values by Property Type
Average achieved rents in Northwich vary significantly depending on property type and size:
- Studio flat: £586 per month
- 1-bedroom flat: £701 per month
- 2-bedroom flat: £789 per month
- 1-bedroom house: £777 per month
- 2-bedroom house: £852 per month
- 3-bedroom house: £949 per month
- 4+ bedroom house: £1329 per month
These rental values reflect the broad spectrum of properties available in Northwich, from affordable studio apartments to larger family homes.
Tenant Demographics
Understanding the demographic profile of renters is essential for landlords and investors. In Northwich, 23% of renters are aged between 25 and 29, highlighting a strong demand from young professionals. This age group often seeks convenient and well-located rental properties, making flats and smaller houses particularly popular.
Additionally, 12.8% of the population in Northwich is aged between 35 and 44, which is above the regional average. This age group tends to prefer family homes, further driving the demand for larger properties in the area.
Property Profiles and Population Density
The profiles of homes let in Northwich are as follows:
- Flats: 32.6%
- Terraced houses: 28.6%
- Semi-detached houses: 23.4%
- Detached houses: 15.5%
With a population density of 6 residents per hectare, Northwich is more densely populated than the region as a whole. This higher density reflects the town’s growing appeal as a desirable place to live.
In 2021, Northwich had a population of 65,412 residents, marking an 18.7% increase over the preceding decade. This population growth fuels demand for rental properties, particularly as more people are drawn to the town’s convenient location and employment opportunities.
Rental Growth Trends
Rental prices in Northwich have experienced substantial growth over the past year and the last five years:
- 1-year change in average rents:
- All dwellings: +9.12%
- Flats: +9.99%
- Houses: +7.95%
- 5-year change in average rents:
- All dwellings: +35.8%
- Flats: +33.6%
- Houses: +35.9%
These figures show that rental growth in Northwich is consistently strong, making it an attractive area for property investors looking for long-term capital appreciation and rental income.
Gross Yields for Landlords
Gross yields provide valuable insights into the potential returns on investment for landlords:
- 1-bedroom flat: 8.3%
- 2-bedroom flat: 7.9%
- 2-bedroom house: 6.3%
- 3-bedroom house: 5.9%
- 4+ bedroom house: 4.4%
These yields highlight the lucrative opportunities for landlords in Northwich, particularly in the flat and smaller house markets. Investors seeking high returns may want to focus on 1- and 2-bedroom flats, which offer the best gross yields.
Family-Friendly Appeal
Northwich is an increasingly popular choice for families, with 36.5% of households comprising families with children. The town offers a range of family-friendly amenities, schools, and parks, making it a desirable location for renters seeking larger properties.
In contrast, 29.3% of households consist of just one person, indicating a healthy demand for smaller rental properties such as flats and 1-bedroom houses.
Employment and Economic Factors
The local economy plays a key role in shaping the rental market. In Northwich, the predominant industry of employment is Public Administration, Education & Health, which employs 24.7% of the working-age population. This sector provides stable job opportunities, further supporting the demand for rental properties.
The Northwich rental market is thriving, with steady growth in average rents and strong demand across various property types. Whether you are a landlord looking to maximise your returns, a tenant seeking a new home, or an investor considering opportunities in the area, Northwich offers a dynamic and rewarding rental market.
If you are looking to rent, let, or invest in Northwich properties, get in touch with Belvoir Northwich today. Our team of local experts can guide you through every step of the process to help you achieve your property goals.
