July 2024 Rainham Rental Market Analysis: What Investors and Landlords Need to Know

The rental market in Rainham has experienced significant shifts in July 2024, with trends indicating strong demand and rising rent prices. This report provides an in-depth analysis of current rental prices, property types, and market dynamics. Quealy & Co, Rainham Estate agents offering valuable insights for property investors, landlords, and prospective renters.

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Summary

• Average Rent Prices: Rainham's average achieved rent in July 2024 is £1,220, marking a 10.54% annual increase.
• Rental Price Changes: Flats have seen a 30.8% rise in average rent, with terraced houses following at 14.8%.
• Demand: Flats are in high demand, accounting for 26.2% of rentals in the last 12 months.
• Rental Duration: Properties were on the market for an average of 9 days, 4.5% longer than last year.

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Rental Market Overview
Average Rent Prices

In July 2024, Rainham’s rental market recorded an average achieved rent of £1,220, reflecting a year-on-year increase of 10.54%. Over the past five years, rents for all property types in Rainham have surged by 42.5%. Flats, in particular, have shown a remarkable 13.2% increase in average rent over the past year and a 42.1% rise over five years. Houses have similarly seen substantial growth, with a 9.44% increase over the last year and a 42.9% rise over five years.

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Rental Prices by Property Type and Size
In July 2024, average rent prices in Rainham varied by property type, with semi-detached houses leading at £1,466 per month. Terraced houses followed, with an average rent of £1,386, while flats were the most affordable option, averaging £1,018 per month.
An analysis of rental prices by bedroom and type in Rainham reveals that studio flats have an average rent of £938, while 1-bedroom flats are slightly higher at £975. The cost rises significantly for larger properties, with 2-bedroom flats averaging £1,250, 2-bedroom houses at £1,415, and 3-bedroom houses commanding the highest rent at £1,423.

Market Trends and Insights
Gradual Increase in Rental Prices The steady rise in rental prices in Rainham is fueled by factors such as high demand, limited housing supply, and broader economic conditions. Over the past year, terraced houses have experienced a 14.8% increase in average rent, while flats have seen a significant 30.8% rise, underscoring the growing demand for affordable housing options. Properties to rent in Rainham are spending slightly longer on the market, with an average of 9 days to rent, which is 4.5% longer than the previous year.

Demand for Flats
Flats continue to dominate Rainham’s rental market, accounting for 26.2% of all homes listed for rent in the past 12 months. The affordability and practicality of flats make them a popular choice, particularly among young professionals and smaller families. This high demand has driven rental prices up by 30.8% in the last year alone. 
Property Availability and Rent Ranges

  As of July 2024, Rainham has 26 rental properties available, marking a 225% increase compared to a year ago.  The distribution of available rental properties in Rainham by price range reveals that the majority of properties fall within the mid-range brackets. Specifically, 30.77% of available rentals are priced between £1,250 and £1,500, and an equal percentage are within the £1,500 to £1,750 range. Higher-end properties, those priced at £2,000 or more, account for 19.23% of the market. Meanwhile, properties in the lower price ranges are less prevalent, with 7.69% available between £750 and £1,000, the same percentage for those between £1,000 and £1,250, and just 3.85% in the £500 to £750 range.
This data indicates a significant number of properties are priced between £1,250 and £1,750, reflecting the market's leaning towards mid-range rental properties.

Predictions for the Next Quarter

The rental market in Rainham is expected to continue its upward trend, with rental prices likely to increase further, particularly in the flat segment. However, as more properties become available, the pace of rent increases may moderate. Investors should consider focusing on affordable flats, which are expected to remain in high demand. To know more about the Rainham area, check out our Rainham Area guide.
If you’re considering investing in Rainham's rental market or need expert advice on letting and property management, Quealy & Co is here to help. Our team of professionals is well-versed in the local market and ready to assist you in maximising your investment.

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