The link between a thriving jobs market and the rental market is well-known, which is why it is positive to hear plans are shaping up to create a significant number of jobs in the local area.
A former Peterborough City Council leader is looking to obtain approval for an industrial development site on 22,000 square meters of land he owns.
Significant jobs boost is great news for local area
Key figures in the proposal include:
- 5,492 metres are intended for general industrial development usage
- 4,553 square metres are for light industrial use
- 11,955 square metres for storage and distribution
A Providence Land spokesperson prepared a statement to the council, saying; “The advantages in terms of employment, economic activity and realisation of the overall project point in favour of an early consent and implementation. This outline permission is the vital step to this end. Conditions can be used to safeguard and the integrity of the overall concept.”
The headline figure from this proposed development is that it is expected to create 3,000 jobs at Edgerley Drain Road in Fengate.
Key points linking the jobs market with the rental market
If you are a landlord or property investor, you know there is a strong link between the jobs and property market, but it never hurts to reinforce why a strong local economy is vital for your business. The following points are why any new jobs coming to the local area is good news for local landlords.
- The jobs market is a key driver of the local property rental market.
- A strong jobs market will lead to increased demand for rental properties, as more people are moving to the area in search of employment.
- A weak jobs market will lead to decreased demand for rental properties, as people are leaving the area in search of employment.
- The state of the jobs market can have a significant impact on rental prices, as landlords will adjust their prices based on the level of demand.
- The health of the local economy is closely linked to the strength of the jobs market, and a strong jobs market is essential for a thriving economy.
If you are looking for guidance in the Peterborough rental market, or you need help connecting with tenants, call on a local lettings specialist.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
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