The property rental market in Royal Tunbridge Wells has continued to demonstrate strong performance, making it an attractive prospect for landlords, property investors, and tenants alike. Here, we explore the latest insights and trends shaping the rental landscape, drawing on data provided by Dataloft by PriceHubble.
Average Rent and Annual Change
Over the past 12 months, the average rent achieved for properties in Royal Tunbridge Wells has risen to £1,365 per month. This marks a notable 6% increase compared to the previous year, reflecting the robust demand for rental homes in the area. Such growth highlights the consistent appeal of Tunbridge Wells as a desirable location for tenants.
Types of Properties and Average Rents
The rental market in Tunbridge Wells offers a diverse range of property types to meet varying tenant needs. Here’s a breakdown of average rents based on property type:
Flats:
- Studio flat: £837
- 1-bed flat: £976
- 2-bed flat: £1270
- 3+ bed flat: £1615
Houses:
- 1-bed house: £1181
- 2-bed house: £1403
- 3-bed house: £1769
- 4+ bed house: £2362
Flats accounted for 58% of homes let in the past year, achieving an average rent of £1,114 per month, while houses commanded a higher average rent of £1,800 per month. This data underlines the higher rental yield potential of houses in Tunbridge Wells.
Tenant Demographics
The average age of renters in Tunbridge Wells is 38 years old, reflecting a mature and stable tenant base. Additionally:
- 21% of renters are aged between 25 and 29, demonstrating strong demand from younger professionals.
- The area’s population density stands at 3.9 residents per hectare, which is lower than the regional average, contributing to a more spacious living environment for residents.
Long-Term Rental Trends
The rental market in Tunbridge Wells has experienced significant growth over the past five years:
- Average rents for all dwellings have increased by 37.6%.
- Flats have seen a 36.2% rise in average rents, while houses have outperformed with a 40.7% increase.
In terms of annual changes, rents across all dwellings rose by 5.65% in the last year, with houses slightly outpacing flats at 6.69% compared to 5.53%. This data underscores the sustained upward trajectory of rental values in the area.
Profiles of Homes Let
The majority of properties let in Tunbridge Wells are flats, comprising 58.3% of all rental homes. Houses are also popular, with the breakdown as follows:
- Terraced houses: 14.3%
- Semi-detached houses: 18.3%
- Detached houses: 13.7%
These figures reflect the diverse property market available to tenants, offering a range of options to suit different lifestyles and budgets.
Rental Yields for Investors
For property investors, Tunbridge Wells offers competitive gross rental yields:
- Flats:
- 1-bed: 6%
- 2-bed: 5.8%
- 3+ bed: 4.8%
- Houses:
- 1-bed: 5.2%
- 2-bed: 4.8%
- 3-bed: 4.9%
- 4+ bed: 3.9%
Smaller properties, such as 1-bed flats, offer the highest yields, making them an appealing option for buy-to-let investors.
Population and Household Trends
As of 2021, Royal Tunbridge Wells had a population of 120,016, an increase of 3.8% over the past decade. Key demographic insights include:
- 13.1% of the population are aged between 35 and 44, above the regional average.
- 29.1% of households are single-person households, while 37.5% include families with children.
These statistics highlight the broad appeal of Tunbridge Wells, catering to both young professionals and families seeking a high quality of life.
Employment and Economy
The predominant industry of employment in Tunbridge Wells is Public Administration, Education & Health, which employs 25.8% of the working-age population. This strong employment sector contributes to the steady demand for rental properties, as professionals seek housing close to their workplaces.
Why Tunbridge Wells Is a Great Place for Renters and Investors
Tunbridge Wells continues to thrive as a rental hotspot thanks to its appealing mix of high-quality housing, diverse tenant demographics, and robust rental yield potential. For tenants, the area offers excellent amenities, transport links, and employment opportunities. For landlords and investors, the consistent growth in rental values and tenant demand ensures a solid return on investment. If you’re considering renting, letting, or investing in property in Tunbridge Wells, our team at Belvoir Tunbridge Wells is here to help. Contact us today for expert advice tailored to your needs.
