Leicester's Rental Landscape

Leicester, a vibrant city in the heart of England, is renowned for its rich history, diverse culture, and thriving economy. With its growing population and status as a major hub for education and industry, Leicester's rental market has become increasingly dynamic in recent years. Whether you're a student, young professional, or a family seeking a place to call home, understanding the current rental market in Leicester is essential. In this blog, we will explore the key aspects of Leicester's rental market, providing valuable insights for both renters and landlords.

1. Leicester's Rental Landscape

The rental market in Leicester is diverse, catering to various demographics. It comprises a mix of apartments, houses, and student accommodations. Let's break down the key segments:

a. Student Accommodations: Leicester is home to several universities and colleges, making it a popular destination for students. As a result, purpose-built student accommodations are abundant, offering a wide range of choices for those pursuing higher education.b. City Center Apartments: Leicester's city center is a bustling hub with a variety of apartments available for rent. These provide easy access to the city's amenities, restaurants, and entertainment options.
c. Suburban Houses: The suburbs of Leicester offer a more relaxed atmosphere, often attracting families and professionals seeking spacious houses with gardens.

2. Renting Costs

Renting costs in Leicester can vary significantly depending on the type of property, location, and the number of bedrooms. As of my last knowledge update in September 2021, here's a rough estimate:

• Student Accommodations: On average, student accommodations can range from £80 to £200 per week. Prices may vary based on the facilities provided.
• City Center Apartments: One-bedroom apartments in the city center can range from £650 to £850 per month, while two-bedroom apartments may cost between £800 and £1,200 per month.
• Suburban Houses: Rental prices for suburban houses vary widely based on size and location. A two-bedroom house can range from £600 to £900 per month, while larger properties may exceed £1,000 per month.Please note that rental prices may have changed since 2021, so it's advisable to consult local rental listings for the most up-to-date information.

3. The Impact of COVID-19

The COVID-19 pandemic has had a notable impact on the rental market in Leicester, as in many other places. Social distancing measures and remote work options have shifted the priorities of renters. Here are some effects:

a. Demand for Larger Spaces: With more people working from home, there has been an increased demand for properties with dedicated home offices or additional living spaces.
b. Negotiating Rental Rates: Some renters have successfully negotiated lower rental rates due to the economic uncertainties caused by the pandemic. However, these opportunities may be limited in a competitive market.

4. Tips for Renters

If you're looking to rent in Leicester, here are some tips to help you navigate the market effectively:

a. Start Early: Begin your search well in advance, especially if you're a student. The best accommodations tend to get booked quickly.
b. Budget Wisely: Plan your budget carefully, considering not only the rent but also utilities and other associated costs.

Written by First 4 Lettings

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PERMITTED PAYMENTS

As well as paying the rent, you may also be required to make the following permitted payments:

1) Holding Deposit: Up to one week’s rental

2) Deposit: One month’s rental (5 weeks rental dependent on individual’s circumstances)

3) Payments for utilities (gas, electricity & water), communication services (telephone & broadband), Installation/Subscription of cable/satellite, TV licence and council tax

4) Default Fee (late payment of rent): If full Rent is not paid within 14 days or more of the Rent Due Date there will be a charge 3% plus the Bank of England base interest rate of the full rental amount until full payment is received

5) Default Fee (breach of tenancy agreement, any other permitted payments, under relevant legislation including contractual damages): For any breach of the tenancy agreement based on the reasonably incurred costs of the agent or landlord

6) Replacement of keys, fobs or other security devices

7) Default Fee (changes to the tenancy): An administrative charge of £50.00 or greater for any assignment, variation or novation of the tenancy agreement made at the tenant’s request (only if agreed by The Landlord and/or The Landlord’s Agent)

8) Payments in respect of early termination of a tenancy agreement at the tenant’s request


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