In the heart of Cheshire, surrounded by picturesque landscapes and a rich industrial heritage, Northwich emerges as a favourable habitat for many. Over the past year, the town has witnessed significant dynamics in its rental market, a reflection of broader socioeconomic trends and the area’s enduring appeal. Using the latest data from Dataloft Inform, we delve into these trends, shedding light on what this means for prospective renters and landlords in Northwich.
Rental Trends – A Year of Growth:
Northwich’s rental market saw a noteworthy upswing. The average rent for homes in the area settled at £832 per month, marking a 9% increase from the previous year. This growth, a likely product of both market demands and the area’s escalating allure, suggests a robust rental market, competitive but promising for investment.
The Appeal of Variety:
A closer inspection of the market reveals the diverse preferences of Northwich’s renters. Flats, accounting for 23% of the lets, have been fetching around £660 per month, while houses have seen higher average rents at £890 per month. This disparity not only underscores the varied rental options available but also the widespread appeal of Northwich to individuals with different housing needs and financial capabilities.
Demographics of Renters:
Interestingly, the age group of 25 to 29 years holds a significant slice of the rental pie, comprising 18% of renters. This demographic tends to value the flexibility that renting offers, indicative of a potentially transient resident base, possibly shaped by career movements, educational pursuits, or lifestyle choices.
Population Insights:
Northwich doesn’t just attract a younger crowd; its resident dynamics paint a picture of a well-rounded community. With 4.8 residents per hectare, it boasts a lower population density compared to the regional average, offering a sense of space and tranquillity. The overall population, standing at 96,147 as of 2021, grew by an impressive 10.9% over the last decade. Within this community, 12.5% are aged between 35 and 44, and households are fairly balanced between single occupants and family units, suggesting a harmonious blend of residents at different life stages.
Employment Landscape:
Reflecting on the occupational sphere, Public admin, education & health sectors emerge as the primary sources of employment, engaging 24.4% of the working-age population. This prevalence is a telling sign of the stability provided by these sectors, potentially translating to a reliable tenant base for landlords.
Homeownership and Housing Stock:
In Northwich, the preference for owning property is apparent, with 69.8% of residents being homeowners. However, the rental market is substantial enough, with 14.8% of inhabitants opting for privately rented dwellings. The housing stock consisted of 40,848 units, among which a staggering 91.9% are houses and a minimal 8.1% accounting for flats. The construction sector has been buzzing, with 3,210 new homes cropping up over the past five years, reinforcing Northwich’s growth and continuous development.
The rental market in Northwich is a vibrant segment of the local property landscape, reflective of the town’s socioeconomic health and its attractiveness as a place to live. For potential investors and landlords, these trends signal promising growth and a diverse tenant base. Renters, on the other hand, are likely to find a property market rich with options catering to various preferences and budgets.
Are you considering stepping into Northwich’s rental market, or are you a tenant searching for your next home? Reach out to our expert team today. We have the latest listings, backed by deep market insights, ready to guide you through a seamless rental experience.
