According to new data commissioned by the BBC, there are now on average 20 rental enquiries for every available property in the market, as rental demand across the UK continues to soar and consecutively hit all-time records. Nowhere was the number of rental enquiries per available property higher than in the North West, where the number of enquiries reached 30 per available property – double that of London which received only 15.
The average number of rental enquiries per available property has reached an average of 20 in the UK, with renters now having to compete against one another more than ever as rental demand continues to outstrip the supply in the market. The average number of rental enquiries per available property has more than tripled, from six to 20 according to the BBC, comparing their newly commissioned data with figures released by the property website, Rightmove, in 2019.
Demand for rental properties in the UK is so high, that certain regions are experiencing even higher than 20 enquiries per available property, with the North West reaching the highest number of 30 rental enquiries per available property for the second year running, having previously held the record last year at 28 – beating out London, South East, and East of England, which were all highly reported as being the most in-demand locations in the country, and received just 15, 17, and 21 rental enquiries per available property, respectively.
“Properties are often let after the first block viewing of interested home-hunters because demand is so high.” BBC‘‘
The lack of available rental properties in the UK has contributed to the sharp rise in rents across the country – with official figures showing rents rising at their fastest annual rate since comparable records began. Despite the national average rent paid in the UK now well over £1,000pcm, tenants are entering bidding wars to secure properties with many now offering over the asking rent and spending over 50% of their monthly income on rent.
At Beech Holdings, our in-house lettings team, Manchester Apartments, have experienced incredible tenant demand for the coming academic year, and despite having increased our available property portfolio by over 400 apartments, we are currently let 73% for the year compared to last year’s 70% for the same period.
To compensate for the high level of demand within the UK rental market, we have worked to develop and deliver a brand-new approach to residential living – City Co-Living.
A branded offering that will see multiple locations all over the country, City Co-Living has been designed to provide the modern tenant of today with everything they are looking for at an affordable price – including on-site amenity spaces and a social calendar of events to attend, all included in their rent.
Following on from the successful launch of our first City Co-Living development in Newcastle, we are bringing the City Co-Living brand to Media City, with planning permission expected to be received imminently.
To learn more about the UK rental market and get first access to our brand-new development, City Co-Living MediaCity, get in touch with our team of property consultants or call them on +44 (0) 161 791 4600 today.