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Chelmsford Rent Prices Increase by 10%

to let signsRent prices in Chelmsford have risen by 10 in the past year, according to a report from local estate agent, Balgores Property Group. Average monthly rent in Chelmsford was £836 in 2014 – now it is £927.

Although high, prices in Chelmsford have not risen as much as in other parts of Essex. The largest rise has been seen in Hornchurch, where rents were up  17.5% in the first quarter of this year, compared with the same time last year.  It now costs on average £1,291.98 per month to rent a property in the town.

Basildon is also showing an increase in rent prices, up by 16%, followed by Romford at 15%.  Brentwood is the only town that has seen a drop in rental prices – down 3%.

Basildon remains the no 1 spot for the most affordable rental accommodation, with an average monthly rent of £824.93.

Howard Lester, Director of Balgores Property Group comments: “Our latest data shows that overall, rent prices are slowing down a little in some parts of Essex, with smaller price increases than we saw last year.

“The next six months will be interesting to watch as these tend to be the periods of highest demand from tenants.”

Some of the highest rents in Essex are found in Hornchurch, mostly due to its close proximity to London. The commuter belt continues to be in high demand.

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