Is £675 plus bills a month too much for a studio in North Kent?

[Ladylandlord]

Long-standing family business with a few studio rentals trying to make sense of the market and what tenants want.

This one is a generous size room with ample space for a double bed, wardrobe, a chair, small table, et cetera. It has a run of kitchen units along one wall with a fridge cooker and hob sink, but no washing machine. (the local launderette is a five minute walk away.). It was refurbished last year and has a nice bathroom. Also has a car parking space.

I’ve had it advertised for 10 weeks, similar properties in the town are not going as well and they are slightly more expensive. It’s up for £675 in North Kent with good access to public transport and within 15 minute walk of the mainline train station.

I don’t know what the young people today are earning and how much £675 per month plus council tax approx £160 and water bills approx £50 eats into a young person’s wage. (Approx £875 pcm).

considering shoe horning a washing machine but not convinced that’s going to help.

any thoughts would be much appreciated

Your rent is less than the amount you can claim in housing benefit in north Kent so seems reasonable. I would have thought a self-contained flat would be popular, as not everyone wants to share.
i wonder if paying Council tax and other bills as well is too much for lower paid people.

Not having a washing machine makes a massive difference. I lived in a few places without washing machines in my 20s and its a real pain in the ass

Oh and I would also expect a studio to be furnished, maybe thats just me though

On minimum wage and having to pay CT, water, gas, electric and broadband, I’d say a washing machine would go a way to helping to make it more desirable. Parking space is good though, that will help.

Well someone who earns full time NMW will be taking home around £17-1800 pm, so that looks quite affordable. Leaves enough for food, to save, travel, leisure etc. But perhaps people are able to afford a 1 bed flat now that NMW has increased over last few years? Or prefer to share a 2 bed as half of the rent and bills is likely to be less than all those costs in a studio and means they've got a bedroom to themselves then shared communal areas.

How does this studio compare price wise to your others?

Obviously a lot but prob cheap for a self contained in Kent. In Devon some people are paying 600 for rooms in shared houses.

Take home minimum wage over 22 would be 1600 a month. Less for an 18 year old

so with energy and broadband on top of tax and water that leaves around 600 to live off. May be close to the train station but a train ticket to London would also eat into that

another
thing to check is how much a flat goes for as well

Where in North Kent? Also launderettes cost in both time and money. No washing machine would be a deal breaker for me.

Well, I lived in a similar sounding studio in roughly 2005, in a major city (not North Kent) and I was paying £1000 a month including all bills (electric, water, council tax, but not internet). I would say that was a good deal amongst my 20 something friends.

Thank you all.

we try to be good landlords offering good value for money.

it’s a similar price to my other studios all of which have no washing machine but I’ve had all those tenants for over five years. (One 13 years).

I think a washing machine seems to be the answer. It will reduce the cupboard space but that can be easily fixed

It would be let in minutes in the area I live.

Tenant paying £695 pm for studio in a block in the SW, full bathroom and parking. Very close to train station. It's good you've refurbished. A new washing machine proved to be a good idea.

Dead cheap

I live in NW Kent/London border and it sounds very cheap. Rentals are very steep around here.

It’s finally gone at £650 pcm last week. A lot of local landlords experiencing similar. I am going to do the washing machine when it comes up again.