PropertyNews.com

Performance of the Private Rental Market

Published on: Friday 3rd October 2008

This first comprehensive analysis of the private rental market in BMA showed that in 2007 there were a growing number of properties to let. However, this increase in supply was matched by a growing demand which was reflected in a gentle upward drift in rental levels.

In the Belfast Metropolitan Area (BMA) as a whole:

• The number of properties available to rent (on the PropertyNews website) steadily increased throughout 2007 (by 45% between quarter 1 and quarter 4).
• This increase was reflected across all dwelling types, however apartments showed the highest increase (54% between quarter 1 and quarter 4, 2007).
• Terraced properties (including townhouses) accounted for 47 per cent of dwellings let in 2007.
• Three-quarters (75%) of all properties let during 2007 were two or three bedroom dwellings.
• The average monthly rent for all dwellings let during 2007 was £577.
• Between the first and final quarters of 2007, the average rent for properties let increased by 1.4 per cent from £558 to £566.
• The largest increase in average rent was for apartments (5.4%)
• Rents for terraced houses (inc. townhouses) increased on average by 1.9 percent.

Analysis of the data from the BMA submarkets reveals the following:

• The Belfast City rental market in 2007 was dominated by terraced/townhouses (53%).
• Although in Belfast City Centre 96 per cent of all properties let were apartments. The average rent for Belfast as a whole was £596 and for the City Centre, £670.
• In Carrickfergus apartments (39%) were the most prevalent property type in 2007. The average rental level was £482.
• In Castlereagh more than two-fifths (41%) of all properties let were semi-detached and the average rent for all properties was £565.
• In Lisburn the largest share of the privately rented properties let in 2007 comprised terraced/townhouses (38%). Overall the average rent in Lisburn was £531. This was the only part of BMA where rental levels fell between quarter 1 and quarter 4, 2007 (-3.2%).
• In North Down too terraced/townhouses formed the largest proportion (36%) of properties let during 2007. The average rent for properties let in North Down was £589.