The largest rises have been seen in Chelmsford, where rents are up by 39.85% since January 2014. It now costs an average of £1,091.28 per month to rent a property there. Upminster is also showing a large hike in rent prices, up by 28.46% and the average rental price for a property in the area is now £1,692.63 per month. Basildon paints a different picture with rents rising just 10% and the average price now is £791 a month.
In stark contrast, Brentwood has seen a sharp drop in rents by an average of -6.39%. A rental property will cost you on average around £1,158.04 per month. Despite rents falling in Brentwood, it is still more expensive than Chelmsford, Romford and Hornchurch.
Howard Lester, Director of Balgores Property Group comments "Our latest data also shows the rate at which rental values have increased since the start of the year. Chelmsford has seen rent prices escalate and this is down to a number of key factors. Record numbers of tenants are looking for property; there have also been a number of new build developments which tend to attract higher rents; and Chelmsford is benefitting from being a City, since it won that status in 2012. This has led to record investment and major improvements to the town centre.
The rental scene in Brentwood is very different. Whilst it has benefitted from the glare of publicity from the popular Only Way is Essex TV programme, this has led to higher home ownership rather than an increased rental market. The rental market in this area has seen a steady stream of available property that is meeting demand and so rental prices have seen a decline over the last few months. What is always interesting to note though is that the capital appreciation in Brentwood has been superb.”
