We’ve been analysing some of the latest numbers on the rental market and the picture is rosy. The main bulk of the data was taken from Bunk’s index, which takes a look at the UK rental market & where there is tenant demand
Bunk’s index looks at rental listings across all of the major property portals, taking an average demand score for the nation’s major cities based on where has the highest number of properties already let as a percentage of all rental listings.
Demand is up 6% in the last quarter in the largest cities, with Bristol at the top of the table in terms of the most demanded region for rental properties. Tenant demand in Bristol is currently at 67.6%, having increased a further 17.5% since Q2.
Nottingham comes in at 2nd place at 54.3%, with Cambridge close behind at 50%. Next in line are Bournemouth and Portsmouth at 42.9% & (42.8% respectively.
On the flip side, the lowest in demand areas are Aberdeen with rental demand at 8.9%, with Edinburgh (14.8%) and Newcastle (16.5%) completing the worst performers.
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London rental demand has seen a massive spike of 8.2% since the second quarter of 2019. Lewisham is the leading area at 48.4% .Bromley (46.2%), Bexley (43.7%), Havering (43.7%) and Islington (43.3%) are the the chasing pack for the prime position.
Kensington and Chelsea, Westminster and Camden have the lowest level of current tenant demand at 13.4%, 15.4%, and 22.3% respectively.
No doubt university term start dates impact some of the demand spikes. In the university cities there are large uplifts in letting demand as students flock to the best properties to begin or continue their educational journey
For landlords looking to increase their profits, finding in demand areas with the best yields is imperative.
However, high yields can be quickly eaten up if letting agent or property manager fees are high. Rent Round heps landlords compare local letting agents & property managers, displaying fees & performance clearly. The comparison is free & takes 30 seconds to get your results.