The UK property rental market has grown significantly, and Reading is one of many UK cities with booming rental markets. Reading, in southern England, is where the Thames and Kennet rivers meet. Rental investors are gaining interest in the region due to its closeness to London and high rental property demand. Rental properties are in demand in the area because it’s one of the UK’s safest places to live.
People love Reading due to its significant economic and technological hub, schools, and many retailers and restaurants. Given the growing demand and limited supply, starting a property rental business in Reading has never been more suitable than now. Those interested in investing in the property rental market in Reading can gain insight from this article.
Why Invest in Reading, UK?
There are many reasons to consider Reading a potential destination for rental property business. The following are a few of them:
- High Rental Opportunities
Reading is one of the UK’s creative hubs, with over 40,000 creative workers. The city is home to several rental residences, with about 45 available on Rentola, an online rental website. The average monthly price for rooms to rent in Reading ranges from £515 to £926. On Rentola, there is access to the images and videos of private apartment listings.
There is also a full description of each listing so renters are equipped with all the necessary information. Notably, the town center of Reading expects several new residences. This means it could be a significant growing region for the rental market in Reading. Reading’s rental costs for a room are often higher than the national average, up to £4,411 per month.
- Convenient Location
As a commuter hotspot, Reading ranks amongst the UK’s most desirable places. It scores particularly well in terms of its affordability levels compared to other cities. Heathrow Airport is approximately 26 miles away, and its international links allow passengers to travel to any part of the world. By train, it takes only 26 minutes to reach the central area of London.
However, the buses in Reading take little more than 40 miles to get there. In addition, People looking for the best of both worlds will find Reading a great location.
- Opportunity for Growth
Reading is now performing well regarding its supply and demand for commercial and residential properties. From the increasing pool of young individuals and companies relocating to Reading, there is the high-growth potential. Also, the job market in Reading is thriving, notably in the technology sector.
Amongst the young population, rental business owners can find professionals for 3D rendering walkthroughs, allowing potential buyers to tour a property virtually. On that note, a significant opportunity exists to accommodate inward investment and continued expansion.
Things to Consider For Property Rental Business in Reading
Those looking to start a property investment in Reading must consider various factors. These include:
- Knowing the Right Location
An area with a strong demand for rental units is crucial when selecting a location. In addition to providing commuters with convenient access to London, Reading is a popular destination for students. Although some parents homeschool their kids, there are several educational institutions in the area.
For example, Earley is close to the Thames Valley Business Park, a particularly popular location for employment. The giant suburb of Woodley is a well-liked destination for families and commuters alike.
One can use property rental websites like Rentola to know the property types put up for rent. Rental websites are a terrific source of information and will be helpful for prospective investors and renters. It will help business people stay ahead of the competition by knowing what’s obtainable in the market.
- Conduct a Market Research
To accomplish this, it is necessary to analyze the local property market. These include the existing rental rates, availability, and competition. Most importantly, since technology is transforming the travel industry within and beyond, property business investors must consider the need for vacation rentals.
In addition, it is essential to research the types of rental properties in high demand. Knowing the pricing of renting and selling homes in the area is also essential. While Reading may be affordable for rentals, buying homes might be quite expensive.
- Property Maintenance
Maintaining a rental unit is essential if a rental property owner wants to retain their renters and make the most of their money from renting it out. Property maintenance involves performing routine maintenance and repairs. It also involves choosing the best furniture and ensuring other home facilities are in place. An untidy property will be unappealing to renters and will likely stay in the market long before the investor makes money.
Beginning a property rental business in Reading, UK, has the potential to be a lucrative and satisfying endeavor. By applying these suggestions, one can guarantee the profitability of their rental investment.
- Conduct Proper Measurement
Before listing your rental property, it’s crucial to accurately measure the square footage (sf) of the house. Knowing how to measure the sf of the house correctly ensures that you provide potential renters with accurate information about the property’s size, which can influence their decision-making process. You can utilize online resources or seek professional assistance to ensure precise measurements.