New analysis by Rightmove reveals Wrexham has the busiest rental market in Nice Britain, with a median of 56 tenants enquiring for every property.
The portal’s new report reveals that, since 2019, rental demand has elevated by 42% throughout Nice Britain, whereas the variety of obtainable houses has dropped by 28%.
Learn on to study this yr’s rental hotspots, and to seek out out what the consultants are forecasting for the rental market in 2024.
The 5 busiest rental markets in Nice Britain
Rightmove researched the variety of enquiries made by tenants for properties in 360 native authorities throughout Nice Britain.
Enquiries have been measured as cases of a potential tenant phoning or emailing an agent to request a viewing.
The portal’s knowledge reveals the typical variety of enquiries made per property has elevated from six in 2019 to twenty this yr.
With demand having risen considerably, common month-to-month rents within the 5 busiest areas have elevated by between 31% and 60% since 2019.
1. Wrexham (Wales)
Wrexham had the busiest rental market in Nice Britain this yr.
Town registered 56 enquiries from tenants per obtainable property, up from simply eight again in 2019.
Native brokers put the surge in curiosity all the way down to a inventory scarcity, precipitated partly by landlords promoting up through the pandemic and present tenants remaining in houses for longer.
- Common marketed lease in 2023: £960 per 30 days
- Proportion change since 2019: +35%
2. Redbridge (Larger London)
The borough of Redbridge in east London had the second busiest market this yr, with a median of 49 enquiries per property. This compares to simply 11 in 2019.
Redbridge is without doubt one of the cheaper components of London, however lease costs are nonetheless properly in extra of most of Nice Britain.
- Common marketed lease in 2023: £2,051 per 30 days
- Proportion change since 2019: +31%
3. Tameside (Larger Manchester)
Tameside, situated in Larger Manchester, registered 48 enquiries from renters per property in 2023, in comparison with 14 in 2019.
The borough is dwelling to the cities of Ashton-under-Lyne, Droylsden, Mossley (pictured) and Stalybridge.
- Common marketed lease in 2023: £1,060 per 30 days
- Proportion change since 2019: +60%
4. Stockport (Larger Manchester)
Situated 10 miles south of Tameside, the city of Stockport had 48 enquiries per rental property this yr (14 in 2019).
Common rents in Stockport have risen by 47% since 2019, once they stood at £945 per 30 days.
- Common marketed lease in 2023: £1,389 per 30 days
- Proportion change since 2019: +47%
5. Glasgow (Scotland)
Glasgow is Scotland’s largest metropolis by inhabitants. It boasted 47 enquiries from tenants per property in 2023, up from 15 in 2019.
As with many cities, Glasgow has skilled a major lack of rental inventory on account of landlords leaving the market.
- Common marketed lease in 2023: £1,038 per 30 days
- Proportion change since 2019: +44%
The highest 10 busiest rental markets in full
The desk beneath reveals the highest 10 busiest rental markets within the UK, and the typical marketed rents they recorded this yr.
Of the highest 10, Waltham Forest in London has the best rents (£2,097 per 30 days) and Blackpool the bottom (£795).
What’s occurring to rental demand?
Rightmove’s figures present the diploma to which the hole between provide and demand has widened since 2019.
Nevertheless, Rightmove says the market has freed up barely this yr. It says tenant demand dropped by 12% year-on-year in 2023, and the variety of obtainable properties rose by 11%.
Tim Bannister of Rightmove says: ‘The rise in obtainable houses for lease is prone to be a mix of a number of elements.
‘These embrace longer-term leases agreed through the pandemic years coming to an finish, some new developments throughout the nation being transformed into rental houses, some landlords selecting to promote up, and different landlords who had briefly switched to the short-let market now returning.’
- Discover out extra: what to do if you cannot pay your lease
Are lease costs nonetheless hovering?
Lease costs have risen considerably this yr. HomeLet’s Rental Index reveals a 9% year-on-year change, whereas the property company Hamptons has recorded a ten% rise.
Rightmove’s knowledge reveals a ten% enhance outdoors of London, and a 6% rise inside London.
The price of renting will probably proceed to rise in 2024. Rightmove forecasts that the value of newly marketed rents will enhance by 5% outdoors of London, and by 3% in London.
- Discover out extra: what’s occurring to the price of renting?
Shopping for your first dwelling in 2024
Should you’re at present renting and are pondering of getting onto the property ladder in 2024, we’re right here to assist.
As a place to begin, try our information on shopping for a home. This provides step-by-step recommendation in your property search.
You too can try our mortgage recommendation to find out how a lot you may have the ability to borrow, and see which banks topped the desk in our mortgage lender critiques.
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