MON- FRI: 09:00 – 17:30 | SAT: 09:00 – 16:00

Strong Plymouth lettings market offers high yields for landlords


Agents in Plymouth report unprecedented rental prices in the city’s lettings market, with potentially huge yields for landlords.

Rising demand for quality homes in Plymouth is forcing rental prices up. While that is unfortunate for tenants, it represents good news if you rent out your property.

In fact, latest figures show that Plymouth landlords are currently averaging between 6% and 10% return on their properties. 

Richard Rabin, Director of Lettings at Lang Town & Country, says that during his 25 years in lettings, he’s never known prices like they are now in the lettings market.

“For landlords, this is actually a very good time with the returns they are currently getting,” says Richard.

“We’re seeing landlords averaging anything from 6% to 10% return on their money. That’s got to be attractive.

“It’s also a good time to be a landlord if you’re in it for long-term capital growth. So, if you were looking at a 10- or 15-year plan, capital growth on your property is generally going to be very good.

lettings market

What is demand like for rental properties in Plymouth?

Richard explains: “Tenant demand is still massive and rents are remaining very high. We had a lot of tenants looking to move in before Christmas, which is fantastic.

“January started off with some new properties coming to the market. However now, after three weeks, it’s really dried up again, which means there are a lot of tenants still out there looking.

“We’ve seen one-bedroom properties go from approximately £650pcm in late 2022 which are now fetching £750 to £775pcm. That’s for quality one-bedroom apartments, which is quite an incredible jump.

“Anything under £1,000pcm, we’re finding we get an awful lot of application forms on average over 30. There are a lot of people wanting properties in this price range.

“When you start going above £1,000, though, you do noticeably find a difference where you still get application forms, but they’re not so great in number.

“And once you go above £1,500pcm, then it really is quite a small number that are looking. But we do still tend to go in phases where it can be quiet for a couple of weeks then we get two or three applications for the higher-end rentals.”


What’s going to happen to the Plymouth lettings market in 2024?

Richard says: “November and December are predominantly very quiet months for us. However, at the end of 2023 and the start of this year, we did have some new properties come to the market, which is very positive.

“Going forward, we see 2024 being very much the same as it was last year. That means probably not enough stock for the amount of tenants looking and also prices remaining high, which is unfortunately for tenants.

“But this seems to be the way we are at the moment with the lack of stock in the market. Hopefully things will change, and more properties will come to the market.”

“What is clear is that the current lettings market is extremely attractive for investors, particularly if you’re in a position to buy a property outright rather than borrow money.

“In this instance, the returns can be substantial for landlords and create for you a long-term source of income for your future.”

Choose our Managed + service to look after your Plymouth property.

Managed +

Choose one of the best letting agencies in the country

Lang Town & Country was named one of the best letting agencies in the country for 2023.

For the fourth year in a row, our dedicated team received an Excellent Rating for Lettings – the property industry’s most prestigious mark of excellence – at the Best Estate Agent Guide Awards.

To us, though, it’s not just about the number of houses we sell or rent out. Our clients’ needs will always be at the forefront of everything we do. And we’re proud that the customer service we provide is second to none.

That is reflected in the fact we have more than 300 five-star Google reviews, which pay tribute to that service.

How do I get in touch with Lang Town & Country?

If you’re thinking about moving or renting, please do contact a member of our team today and we’ll be more than happy to help.

Lettings – 01752 201010 /

Plymouth Sales – 01752 256000 /

Plymstock Sales – 01752 456000 /

Waterside – 01752 200909 /

Land & New Homes – 01752 278499 /

Let Your Property

Get a FREE lettings valuation with no hidden charges and no nonsense.

More Posts:

Visit our modern new office to find out more

For help with the topics discussed in this article speak to our friendly team based at our modern new office at 6 Mannamead Road.

Our Sales, Lettings, Waterside and Land & New Homes teams are based in our bespoke building ready to help you. For enquiries in Plymstock, you can visit our dedicated branch on The Broadway – details on our contact page.

Mon – Fri: 9am – 5.30pm | Sat: 9am – 4pm

6 Mannamead Road

Sales: 01752 256000
Sales progression: 01752 279866
Lettings: 01752 201010
Land & New Homes: 01752 278499
Waterside: 01752 200909