Gone are the days of making money by buying any old property to rent out or sell on. Today, property investment is both an art and science. The art is your gut reaction to a property based on your experience, but science must also has a part to play on a property’s viability as an investment.

Property professionals use many different metrics when deciding the viability of a rental property such as the rent and the yield.

However, another metric I like to use is the average rent per square foot. This is a great way to judge a property from the point of view of the tenant … what space will they get for their money. Now of course, location has a huge influencing factor when it comes to rents (and hence rent per square foot). Like people buying a property, tenants also have that balancing act between location, rent and size of accommodation.

Looking at the current asking rents for Street and Glastonbury and the floor space per property type the AVERAGE figures are as follows:

  • Flat – £12.02 per square foot per annum
  • Detached – £10.54
  • Terraced – £10.23
  • Semi-detached – £10.08

The extent of space you get for your rent is replicated in the space you get for your money when buying a property. The average floor size of rental property in the Street and Glastonbury area is 993 sq. ft.

The average rent per square foot in Street and Glastonbury is currently £10.72 per square foot per annum.

Doubling the size of any Street and Glastonbury property doesn’t mean you will double the value of it … in either value or rent. Doubling of the size gives only an approximately 40% to 65% uplift in value, but when it comes to rental figures, doubling the size of the house means only 20% to 45% increase in rent.

About Tom Morgan

Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk