Nottingham is one of Britain’s best cities for landlords. With two universities, the rental market is strong, whilst property prices are relatively low. Indeed, a 2013 study by HSBC revealed that Nottingham provides landlords with one of the best rental yields in the country. Because the average property price is £83,313, and the average monthly rent is £524, landlords can enjoy a rental yield of around 7.55% before tax.
Though some areas of the UK sometimes offer higher rental yields, the property markets are a lot more volatile. However, the price of a property in Nottingham does not fluctuate much, making it a safe and profitable investment for landlords.
But Nottingham is a big city, and like all cities, it contains numerous diverse areas. At Fairview Estates, we are based in the heart of the city, and over the years we have been able to develop the sort of insightful local knowledge that’s second to none. As such, we are uniquely qualified to advise landlords on the best areas to let in Nottingham.
One of the main reasons why the rental market is so strong in Nottingham is that the city has such a large population of students. Areas close to the universities will always provide plenty of profitable renting opportunities. For instance, the city centre is close to both Nottingham Trent University and the University of Nottingham. Landlords who choose to let in inner-city areas of Nottingham will never struggle to find reliable tenants, and they can also expect consistently rewarding rental yields.
Lenton is another area with a large student population, whilst Basford, The Park, Sherwood, Wollaton and West Bridgford are popular with young families and young professionals. Beyond that, look for areas that feature relatively low property prices coupled with excellent transport links and large numbers of nearby employers, such as Hyson Green and Radford.
Landlords can also benefit from reliable tenants and good rental yields in some of the nearby Nottinghamshire towns. Places like Beeston, Arnold and Mansfield are close enough to Nottingham to be popular with commuters, but with plenty of large businesses based nearby, they also enjoy high employment and a correspondingly stable property market.
For more information on the best areas to let in Nottingham, feel free to give us a call on 0115 958 7791, or email [email protected]. Alternatively, why not pop into our premises in the Lace Market, where one of our Nottingham property experts will be more than happy to discuss your options.