Rent Report

Welcome to Home Relief Bulletin Board

Monday 06 May 2019

by the Property  Team

Post No. 87

 

 

Rent Report Findings for West Croydon

The purpose of this report is to provide to home seekers, particularly those in middle income brackets (lower and upper) looking to rent a one bedroom flat in West Croydon, to be prepared for the level of rent they may face. 

The investigation was carried out by physically visiting some letting agents, talking to landlords/ladies and tenants in the area, compiling data online, reading local papers (such as the Croydon Guardian, Croydon Advertiser, South London Press), reading ads on local shop windows, checking the online rent valuation service or calculator  etc. 

Below are the findings of our research.

Findings

Average and median monthly rent value in West Croydon

The results from our searches (both online and offline) for one bedroom flat to rent in West Croydon show that the current overall average monthly rent value for a bedroom flat is approximately £900.  The median of West Croydon median monthly rent value for the same flat is approximately £905.

These data tend to be asking rents than effective signed contractual rents between the two contractual parties.  This suggests that the rents for one bedroom flats could be slightly within the budgets of some upper middle earners.  Lower middle earners may find it difficult to meet this kind of rental.  This is somehow a reflection of sinusoidal trends of rent value as seen in other parts of South East London. 

Rental implications

The implication for one bedroom flat seekers is that if you are looking for a one bedroom flat to rent, the above average and median prices are the kinds of rents you may have to face up to in West Croydon and the vicinity of it. 

However, other elements have to be taken into account, such as letting agents’ or landlord/lady’s appetite to the level of rent, the conditions of the flat, its location within West Croydon whether or not it is close to West Croydon train and bus stations without forgetting trams which pass through, its closeness with local amenities and other facilities, how risk averse are the landlords/ladies to the uncertainty linked to the EU exit.

In addition to the above, one bedroom flat seekers need to do the numbers.  This means that they need to make sure that they get their figures right in terms of the overall rental cost (which includes rent deposit, rent in advance, administrative fee, reference fee etc.).  They should also bear in mind that as part of the referencing criteria, the household income should be 2.5 times the annual rent.  As some of you are aware this cost varies from landlords/ladies and letting agents to others.

West Croydon as an attractive place to rent

Beyond the rent level considerations, West Croydon can be an attractive place to find budget one bedroom flats for some of you.  It is an ideal place to rent as the Croydon shopping centre has plenty of shops and restaurants; the area has an interesting history and character, as well as it has  art galleries and projects with local artists where everybody is welcome including families with kids

New builds and developments in and nearby West Croydon

What’s more, there are now new builds and developments in Croydon Central and around East Croydon train station which suggest the potentials of a better place live and work.  These welcoming local initiatives are enhanced by local amenities and facilities in the vicinity of both West and East Croydon stations. 

We canconclude that West Croydon is an ideal place to rent for middle income earners if you are looking to rent a one bedroom flat in West Croydon and or you are after a particular rent level.

We would recommend that you do both physical and online searches.  If you are still not sure, Home Relief can help you find your ideal one bedroom flat at affordable rent. 

If you are looking for an affordable location and home, Home Relief is the people dealing with affordable homes you could consider in your property searches and enquiries.

For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/

For more information about our property service to home sellers and landlords/ladies, please go to https://homerelief.co/landlord

For properties to rent and let, go to https://homerelief.co/property-search/

For weekly property news and updates, please read our weekly posts.

Thank you for reading this post.

We look forward to receiving your regular visits to Home Relief website and to doing business with you throughout 2019.

Many thanks!

Home Relief – freelance e-property people dealing with affordable homes

 

 

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