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A leading estate agent has published some research into what influences tenant demand in any given sector. The results are interesting and could help landlords identify high demand areas as it is vital to always identify the demand BEFORE you go about creating the supply:1 - fast growing tech sector - employment and turnover growth in the UK tech sector significantly outperforms the rest of the economy;
2 - visitor destination - according to visitBritain, the number of visitor nights spent in the uk increased by three per cent in 2015 to 273 million, with short term holiday lets a popular choice for those seeking to explore the uk;
3 - centre of excellence - the areas that score highly here either benefit from a Russell Group university, a thriving start-up economy or have high concentrations of jobs in the creative sector;
4 - city living culture - levels of renting amongst the younger generation are at an all-time high, while apartments dominate cities;
5 - development activity - the areas experiencing the greatest increase in housing stock, or the locations of significant future planning schemes; both are indicators of a dynamic economy.
6 - infrastructure investment - some 44 enterprise zones and 30 housing zones have been selected by the government across the UK as focal points for tax breaks and development. New employment and housing will help fuel demand for rental property in these areas;
7 - policy support - significant public funding has been promised to drive investment and employment within growth areas such as the Northern Powerhouse, the Cambridge-Oxford corridor, West Midlands Growth area, and the London-Stansted-Oxford corridor;
8 - student population - there are over 170 higher education establishments across the UK, varying from under 1,000 students to over 30,000. Over half a million students entered higher education in 2015, the highest ever recorded;
9 - young professionals - with the age of a first time buyer now 33, up from 30 just 20 years ago, demand for rental properties is high;
10 - commuter catchment - major cities of the uk are the powerhouses of employment and economic growth. Most locations within these commuter zones tend to be investment hotspots.
The UK’s major cities score highest on the assessment tool – Manchester, Birmingham, Leeds, London and Cardiff in particular. Cambridge also scores highly.Full/source article SEE ALSO - How to get started in BTL ... in 10 easy steps.UP NEXT - Just joined - how to determine rental demand?DON'T MISS - Which property type offers the best potential for yield?NOW 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**
See also:How to assess tenant demand in an area