We’ve had a dig into the rental property market in Bath over the last few months, and we are looking into average rental prices, the average time it takes for properties to be taken off the market, and the number of bedroom properties that are the most popular in the city.
Prices are rising
Anyone who has rented in the UK for a year or more knows that rental prices are increasing year on year. In fact, reports show that average monthly rent payments have almost doubled from December 2008 to December 2022.
Average monthly home rental payments in the United Kingdom (UK) from 2008 to 2022
(Data sourced from Statistica 2023)
Bath rental prices
When looking at rental prices in Bath, you won’t be surprised to know that the amount of bedrooms impacts the average monthly rent – the more rooms, the more money you will get. The average monthly rent for a 1 bedroom in Bath is £970, and this climbs to a whopping £4,060 for a 7 bedroom property.
This is also the case when looking at property types. Unsurprisingly, the average monthly rent for a house is higher than that for a flat. Renting a house will cost you almost £1,000 more per month, with average house rents in Bath costing £2,022 compared to flats costing £1,188.
However, a one bedroom property is more likely to achieve a monthly rent agreement of over the asking price than properties with more rooms, and the monthly rent for a flat is, on average, £4 over the asking price, whereas it averages at £25 under the asking price for houses. And it’s bad luck if you’re looking to rent out a 4 bed property, because you are likely to receive over £100 less per month than what you’re asking for – ouch.
How long do properties in Bath take to let out?
Properties in Bath, much like throughout the rest of the UK, aren’t on the rental market for long. Demand is severely outweighing supply at the moment, meaning that properties are being snapped up within days of being advertised as ‘to let’. The number of bedrooms affects how long the property is on the rental market for.
Interestingly, the average time it takes to rent a property increases with the number of bedrooms it has, from 1 to 4 bedrooms, with 4 bedroom properties taking the longest to be rented, at an average of 20 days.
However, 5 bedroom properties have an average time of only one day, which is the shortest average time.
And while houses will cost more to rent on average by around £800 per month, they also take longer to be taken off the market. Flats will take, on average, just under a week to be let out, whereas houses take almost three days longer.
So what about furnished and unfurnished properties?
Whilst furnishing your properties may seem like an unnecessary expense, on average, you could actually be making £500 more per month with a furnished property than with an unfurnished one. As well as this, furnished properties get let, on average, 3.2 days quicker than unfurnished properties, meaning that you may save money on letting agent fees, and your monthly rental payments will start sooner.
So, there you have it. Here’s our brief dig into the rental market in Bath over the last few months.
If you’re looking to find a property to rent in Bath, or are a landlord looking for prospective tenants in the Bath or Bristol area, please contact us today and one of our friendly team will be happy to help.
