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How Much Can I Rent My Flat for in Bristol?

Oct 3rd 2022

If you own a property in Bristol and want to top up your income, you might be wondering: "How much can I rent my flat for?". Let's discuss how to figure it out.

If you own a property in Bristol and want to top up your income, you might be wondering: “How much can I rent my flat for?”.

Whether you’re a first-time landlord or an experienced investor, the first step is to assess the current market (rates should always be in line with the competition). Then, you can figure out how much value you add based on location, size, upgrades and updates, lease term and usable outside space.

If this sounds a little confusing, don’t worry. Our Bristol Letting Agents are committed to helping you make a profitable return on your property. Keep reading as we briefly break down the rental market in Bristol before sharing five factors that can impact prices.

What’s the rental market like in Bristol?

Bristol is an attractive proposition for young professionals, students and families who want to escape the hustle and bustle of more urban cities. Cosmopolitan yet only an hour away from areas of outstanding natural beauty, including Mendip Hills and the Cotswolds, it appeals to nature enthusiasts and partygoers equally.

Thanks to Bristol’s popularity, the city was named the best place to live in the UK on two separate occasions. Plus, the region’s rapid economic growth has increased the demand for rental properties. As of April 2022, statistics reveal that flats cost £1,411 per calendar month to rent on average.

How much can I rent my flat for?

How much you charge for rent will depend on the five main factors. Ultimately, the bigger and better the property, the more profitable. Although some things are outside your control (for example, location), you can still add value by updating old interiors, upgrading kitchens and bathrooms and providing usable outside space.

1. Location

Location is at the top of renters’ priorities. They prefer properties with reliable transport links, superb local amenities and Ofsted-approved schools. Of course, neighbours play a role when leasing out a flat. Prospective tenants will pay more for quiet apartment complexes with adequate soundproofing!

While Bristol is a beautiful city, some areas are more desirable. Clifton is one of the oldest and wealthiest suburbs, partly due to its stunning Georgian architecture and proximity to iconic attractions, like the Clifton Suspension Bridge and Bristol Zoo Gardens.

Northern suburbs, including Redland, Cotham, Horfield, Henleaze, Bishopston and Westbury on Trym, can also be quite pricey, with rates increasing as you approach the city centre.

Location aside, you can guarantee a steady stream of tenants if you transform your flat into student accommodation. Bishopston and St. Andrews are popular locations for students, boasting plenty of independent shops and fantastic transport links to university campuses. 

2. Size

When it comes to renting out your flat, size matters. Despite tenants expecting less space than a house, they still want a good-sized master bedroom, up-to-date kitchen and functional bathroom. Ideally, there will be a separate living area for relaxing and enough room to entertain guests.

Unlike a house, it’s impossible to extend a flat. However, you can add value through clever floor plans and storage solutions. Perhaps, you could use a partition wall to create an extra bedroom? Could you introduce multifunctional zones by installing a kitchen counter come breakfast bar? As for storage, use tallboys and built-in shelving to give the illusion of space.

3. Upgrades and updates

As well as maximising the space inside your flat, think about upgrades and updates. Sometimes, all it takes is a revamped colour scheme to supercharge your profits (nobody likes avocado bathroom suites). Before listing your property with a Letting Agents in Bristol, research the latest trends and give your walls a lick of paint.

Style aside, could you offer any perks to set your flat apart from the competition? With the rise of remote working, high-speed internet access is an attractive selling point. People will often pay a premium if they’re allowed to bring their pets too.

Lastly, who’s responsibility is it to maintain the property? If the flat is mouldy and there are broken appliances that need fixing, you might have to reduce the rental price to compensate for the tenant’s work – or at the very least seek new tenants on a more regular basis due to the poor state of the property.

4. Lease term

There’s a big difference between rental rates for long term and short-term leases. Short-term tenants who need somewhere to stay in between moving houses will often pay more because there’s a sense of urgency. While lucrative, the downside is that you’ll have a revolving door of tenants who have less incentive to treat the property as their own.

On the other hand, you might want to charge people less for a long-term lease in exchange for their reliability. Not only will you have your rent covered for years or even decades, but they’ll be happier and less likely to exit the agreement early. 

5. Usable outside space

Even though tenants don’t expect private gardens with flats, they often request usable outside space. This could include a communal garden, balcony area, dedicated parking space or shed for external storage.

If you can’t offer this, is there any way you could bring the outside inside? Maximising the natural light within your property and providing proper ventilation is the next best thing.  

Receive a free property valuation today

If you’re ready to rent out your flat in Bristol, you’re in the right place. Our friendly and knowledgeable team know the city inside out, meaning you’ll always receive the best returns on your property.

Our free valuation service should be your first port of call. We’ll assess all the aspects of your building, including location and condition, to provide a precise figure that you can rely on. Most importantly, we’ll suggest feedback on how you can boost your property’s value before listing. The process couldn’t be any easier.

Get in touch with us or request a call back from our friendly team today. We’re more than happy to help with any query you may have. Call 0117 254 1133, email info@letsrentbristol.co.uk or visit us in person at 80 Mina Road, St Werburghs, Bristol BS2 9XL. We’ll be in touch as soon as possible.

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It was a pleasure to liaise with Usman at Lets Rent and to have my party wall fence secured by your maintenance service. He was quick, polite and efficient in dealing with my request .
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Re: Usman Ayub – Lets Rent Letting & Management Prior to meeting Usman, the experience in trying to rent property in Bristol for over 6 months was demoralising. A Let's Rent representative (Seb) contacted me by phone to say they'd managed to alter a few appointments for the viewing & I would be me by Usman. He was punctual & informative throughout prior to our entrance to the building. He informed me of the layout, security & access which therefore covered all the H&S criteria in case there was an issue. Once the viewing was over, Usman assured me that he will send over the documents via email for me to complete, which was actioned without delay. Throughout the legal itinerary & required information, he kept me informed which enabled me to clear up some issues the automated system rejected unbeknownst to me. Usman is a valid member of the team and the functionality of this business benefits with him as a valid member.
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