A recent study has revealed the most in-demand cities to rent in the United Kingdom.
The study assessed the demand across 23 of the UK’s biggest cities as well as each individual borough of London, basing their analysis on the proportion of rental listings that had been occupied by renters as a percentage of all listing available online.
One of the most surprising and impressive findings in the study was that Newport was home to the highest level of tenant demand, with 35% of all rental homes that were listed on the major property portals already let. The small city in the south of Wales clearly appeals to renters, with an idyllic location right by the water on the River Usk and just a 90 minute train journey to get to London.
Newport was closely followed by fellow high-demand areas such as Bristol (34%), Nottingham (33%) and Cambridge (33%). Completing the top ten were Belfast, Plymouth, Portsmouth, Bournemouth, Leicester and Manchester.
When it came to the London boroughs, the highest level of tenant demand came from Bexley, Bromley, Sutton and Lewisham, all with 38% of listed rental homes already let.
The wide-spread demand for rental properties across the UK is yet another indicator that the attitude towards renting is changing drastically. Last year VeriSmart analysed the data of the UK private rental sector and homeowning market in order to assess the divide between renters and homeowners. The research found that renters made up around 35% of the housing market, a 5% increase since 2010, and it seems as though the number of renters will continue to rise.
The UK is now expected to become a nation of renters by 2039 according to the report, with tenants privately renting expected to make up 50.7% of the UK housing market by 2039. Renters are expected to increase the anticipated majority in the years immediately after 2039, with percentage of renters forecast to rise to a massive 55% by the time 2045 comes around.
Jonathan Senior, chief executive officer of VeriSmart, stated: “This was initially driven by consistently buoyant house price growth coupled with stagnant wage growth providing no other option but to rent, however, social rental numbers are falling, Build to Rent is growing in prominence, and there has been a number of tenant friendly changes to the sector.
“All of these changes are making the rental sector a more attractive place to be and as a result, we are seeing more of us opt for it and stay there for much longer than we may have traditionally.”
The increased demand for rental properties all over the country is a massive indicator in the shift towards a nation of renters in the UK. Are you searching for your next place to rent? We’ve got properties in cities all across the UK. Our dedicated team has a wealth of experience within the lettings industry and are always prepared to go the extra mile for you. Get in touch with us here.