As Hertfordshire rental market specialists, we know every street in town, and have noticed something interesting happening on Marmet Avenue in Letchworth Garden City. So, let’s take a closer look…
Marmet Avenue: a hotspot for renters
Right now, Marmet Avenue is a hub for renters, with 16 properties listed for rent over the past year. These listings have ranged from £695 pcm for a cosy studio flat, to £1650 pcm for a spacious three-bedroom terraced house.
So far in 2024, eight properties have been listed. In May, M A S O N S rented two one-bedroom flats on Marmet Avenue, achieving impressive rental values of £925 pcm and £950 pcm. Agreed in just nine and two days respectively, these lettings are amongst the highest level of rent for one-bedroom flats in the local area.
Why is Marmet Avenue so appealing to tenants?
One word: location, location, location! Marmet Avenue is situated close to Letchworth’s mainline train station, London is just a 40-minute commute and Cambridge can be reached in less than 30 minutes. Essential amenities like Morrisons, Tesco Express, and a Premier petrol station are also all within easy walking distance.
A ten-minute stroll takes you to Leys Avenue, which offers a choice of popular restaurants, and the surrounding area offers several pubs, a cinema, a swimming pool, go-karting, laser tag, an escape room (and more!). For tenants who enjoy the outdoors, Letchworth is home to Standalone Farm, Norton Common and expansive fields – all full of fresh air and awaiting exploration. The town also hosts frequent food, music, and art events.
Letchworth’s diverse benefits attract a wide range of tenants, from young professionals to families – there is something for everyone, and Marmet Avenue is close to all the action.
Why do landlords love Marmet Avenue?
The residential sales market on Marmet Avenue, highlight exactly why this location is perfect for landlords seeking a savvy local investment.
- Studio apartment for £138,500 (Sold STC)
- Estimated rental return is £700 pcm. Recent rentals for studio flats range from £695 to £800 pcm, making this a reliable estimate.
- A reasonable service charge and ground rent total £1,060 per year.
- If purchased at full asking price and rented for £700 pcm, the net yield is approximately 5.3% (gross yield: 6.06%).
- A modest refurbishment could increase both rent and yield.
- One-bedroom apartment for £180,000
- One-bedroom flats have rented between £725 and £950 pcm in the past year. Comparing to these examples, M A S O N S estimate that this flat could easily achieve £900 pcm.
- Service charge and ground rent are also £1,060 per year.
- At full asking price and a rent of £900 pcm, the net yield is around 5.41% (gross yield: 6%).
- Negotiating the purchase price could result in even better returns.
What does Marmet Avenue tell us?
Marmet Avenue combines many of the elements of a high performing rental property. Great location; breadth of appeal ranging from solo-renters all the way up to families; easy-to-maintain properties; relatively low service charges and scope for good rental yields.
If you’re a landlord seeking a solid investment, or you own a ‘Marmet Avenue-style’ property, please do get in touch with M A S O N S to explore the potential opportunities in more depth.
M A S O N S is a leading letting agent in Hitchin, covering rental and buy-to-let properties in Hertfordshire. Founded on award-winning lettings experience, we specialise in property management, buy-to-let advice, and residential lettings – drop us a line at [email protected] or call us on 01462 557477.
Data sourced from Rightmove Plus (29 May 2023 – 29 May 2024)
Please note: this article should not be interpreted as legal or financial advice.
