Combat 20% house price premium in Cambridge tech cluster with Checked-Inn affordable accommodation
Where tech companies go, house price rises tend to follow. These dynamic – and often wealthy – businesses tend to grow quickly, hiring large numbers of employees as they rapidly expand.
As a result, areas that see an influx of tech startups often see a sudden increase in demand for local housing, something that can quickly push-up prices and make previously affordable areas incredibly expensive.
As Cambridge is one of the UK’s leading tech hubs, the city has experienced an increase in property prices linked to these fast-growing businesses. This can make it difficult for both locals and tech employees to find suitable and affordable accommodation.
One of the best ways to combat the tech-house price premium and secure a great value home, is to bypass the open market and come to Checked-Inn instead. Keep reading to find out more.
The Cambridge tech hub
In recent years, a large number of tech companies have moved into the Cambridge area. From small startups to large corporations, these businesses are attracted to Cambridge by the bright minds graduating from the university, the proximity to London and the dynamic environment of the city.
According to @InformationAge, “There are 30,219 people employed in technology jobs in Cambridge, and on average – between 2011 and 2015 – 353 startups were created in the city each year.”
As a result of the large number of tech companies now in the area, Cambridge has seen a significant increase in house prices. In general, house prices in the world’s tech hubs are 20% higher than local averages.
Over the past 10 years, Cambridge has seen a 73% increase, equivalent to Austin, Texas, and ahead of business centres like Paris, Oxford, and Amsterdam.
Affordable housing in Cambridge
This relatively sudden increase in house prices has made many parts of Cambridge unaffordable. If you’re thinking about relocating to the city for work or study, you may well have been surprised by the level of rent that’s being demanded in the most popular parts of Cambridge. This can make a move to the city a lot more difficult and can even put some people off relocating altogether.
The best way to combat the tech premium, and still secure well-placed, affordable accommodation in Cambridge, is to come to us. Checked-Inn has a fantastic choice of high-quality homes across the centre of Cambridge, with many within easy reach of local tech companies and transport links.
Not only does renting through Checked-Inn give you great value accommodation, but it also means you can enjoy a range of extras like included bills so you know exactly where you are each month.
Find out more about the studios and apartments we have available, and the services we offer by getting in touch with a member of our team, or taking a look around our site.