October 5, 2022

Hottest rental spots revealed as tenant demand returns

Analysis by property and lettings agent, Barrows and Forrester, has revealed that tenant demand has began to climb throughout the rental market, with West Yorkshire having fun with the most important uplift in demand at +10%.

The Barrows and Forrester Rental Demand Index screens rental listings throughout the nation, taking a median demand rating for every English county primarily based on the variety of properties already let as a share of all rental listings. 

Rental demand throughout England is at the moment sitting at 39%, having proven a slight 1% quarterly improve when in comparison with the primary quarter of this yr. 

Whereas the rental market has struggled throughout the pandemic, it appears as if tenants are actually returning and West Yorkshire has loved the most important rental market revival with a ten% quarterly improve.

South Yorkshire, Higher Manchester and Dorset have additionally loved among the largest quarterly rental market revivals with a +6% improve when in comparison with Q1 of this yr. 

Dorset can be house to among the highest present demand for rental houses, with 62% of these listed available on the market in Q2 already seeing a let agreed. 

In reality, simply West Sussex is at the moment seeing a larger stage of tenant demand at 66%, whereas Bristol (60%) additionally makes the highest three hottest rental markets in Q2. 

Nonetheless, a minimum of 21 counties have seen rental demand both stay flat or decline because the begin of the yr. 

Cornwall has seen the most important discount, down -11% quarter to quarter, with Herefordshire (-10%) and Suffolk (-9%) additionally seeing among the largest declines. 

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Managing Director of Barrows and Forrester, James Forrester, commented: “Demand for rental properties is as soon as once more beginning to climb and whereas tenant exercise nonetheless stays muted in some corners of the nation, the overwhelming majority of the market has blown away any remaining cobwebs attributable to a pandemic decline in demand.

We count on this urge for food for personal rental inventory will solely strengthen because the yr progresses as a return to normality has revived the necessity for rental houses throughout our main cities, particularly.”