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The latest research by VeriSmart, the UK’s only combined lettings inventory and property compliance specialists, has looked at where across the UK is home to the highest levels of tenant demand for rental properties.
VeriSmart analysed rental listing data across the major property portals, ranking each of the UK’s 100 largest cities on the proportion of rental stock available to that already let, to ascertain where the most in demand locations are.
Top of the table is Cambridge with 57% tenant demand making it the most sought-after city for rental accommodation.
The London commuter belt and beyond dominates the top 10 with Basingstoke home to the next highest level of tenant demand at 56%. St Albans (53%), Milton Keynes (49%), Crawley (47%) and Tamworth (46%) are all also home to some of the highest rental demand across the UK.
Bristol is the first city outside of a commutable range to London to make the top 10 at 45%, joined by York (43%), Worthing (43%) and Hastings (42%), completing the top 10.
With demand for property in Aberdeen’s sales market taking a hit due to economic conditions, it’s no surprise that the area is also home to the lowest level of rental demand at just 8%. Coventry, Preston and perhaps more surprisingly, Edinburgh, were also amongst some of the lowest.
In London, demand for rental accommodation may be high but in relation to the stock listed and the stock let, the capital ranks just 53rd for tenant demand when compared to the top 100 UK cities.
Inside the capital, high rental prices see many renters looking to the outskirts with the highest levels found in Bromley (41%), Sutton (39%), Bexley (38%), Havering (35%), Richmond (35%) and Waltham Forest (35%).
Lewisham is the only inner borough to make the top ten with demand at 33% along with Enfield, Kingston and Greenwich.
Prime central London is home to the capital’s lowest level of tenant demand with Kensington and Chelsea, Westminster, the City of London and Camden all ranking the lowest.Are you investing in any of the cities and towns above, and what is your local experience of tenant demand?SEE ALSO - The big bad ass Brexit brief for landlordsUP NEXT - High yield strategy - invest North or South?DON'T MISS - LPCA - Rest of UK catches London's coldNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I bought 3 bed semi just outside Preston last year; rented quickly and tenant is still there nearly a year later. I'm not sure how they have come up with a percentage for demand.
Big pinch of salt when looking at these stats
Its not the core business of VeriSmart so its just an add on to plug their name
I`m in MK . We are 4th on that list which is good
But I am 100% rental demand with no vacancies
And about 10 deep with people waiting if anything did come up
I`m sure many areas not on the list are the same as me
Its pure theatre in my view
Jonathan Clarke. http://www.buytoletmk.com