Analysis by property and lettings agent, Barrows and Forrester, reveals which areas of the rental market are presently most in demand amongst tenants, based mostly on the ratio of accessible rental properties which have already been snapped up.
The Barrows and Forrester Rental Demand Index displays rental listings throughout the nation, taking a median demand rating for every English county based mostly on which ones has the very best variety of properties already let as a proportion of all rental listings.
The evaluation of all 49 English counties exhibits that, on common, 40% of all rental properties listed available on the market throughout the first quarter of 2022 had already been taken by tenants eager to kick off the brand new 12 months in a brand new rental property.
The most well liked spot within the present market? West Sussex, the place an enormous 69% of all rental properties had been already let in Q1..
Demand can be robust in Cornwall (65%), Wiltshire (63%), Suffolk (60%), Bristol (59%), the Isle of Wight (57%), Dorset (56%), Shropshire (55%), Rutland (55%) Somerset (54%) and Cambridge (54%)..
However not each space of the market is benefitting from a surge in tenant exercise to this point this 12 months.
Rental demand is at its lowest in West Yorkshire the place simply 19% of all listed rental properties has been taken by tenants.
Leicestershire (22.9%), West Midlands County (23%), the Metropolis of London (26%), Merseyside (27%), Lancashire (29%), East Using (30%), South Yorkshire (31%), Tyne & Put on (31%), and Lincolnshire (32%) additionally ranked amongst the coldest spots within the present rental market.
Managing Director of Barrows and Forrester, James Forrester, commented: “We’ve seen a reasonably robust begin to the 12 months the place rental demand ranges are involved, though it’s truthful to say that an air of pandemic affect stays regardless of a return to normality after what has been an odd few years, to say the least.
Demand throughout extra city and industrialised areas of the remains to be barely extra muted in comparison with pre-pandemic ranges, whereas nation and coastal pockets of the market proceed to see very excessive demand.
It is going to be fascinating to see how this steadiness shifts over the approaching months as we anticipate that demand for rental properties throughout main cities, particularly, will begin to construct significantly.”
