29 Nov The UK rental market is changing – here’s why

Latest data from Rightmove has revealed that the UK rental market is busier than ever with enquiries more than double the number we were seeing in 2019, before the pandemic. That’s not the only change in the sector, however. Join us as we reveal more…

Search areas are expanding 

Research shows that renters are now looking further afield when it comes to their next rental home. In fact, compared to 2019, the average search area for renters has grown by more than 60% to over 100 sq. kms.

There’s likely to be a few reasons for this. Namely due to the fact that demand outweighs supply and also rising rents which forces tenants to look further and wider in order to find a property in their budget.  

City, coastal and country properties are soaring

Traditionally, the majority of people tended to look for their next rental property in the same area that they lived. However, in recent years, we’ve seen people leave their current postcodes for homes in different cities, coastal and countryside towns. 

With rents at an all-time high, and again demand outweighing supply, tenants have been continuing to look for homes further out than they used to which makes neighbouring cities and postcodes ideal. 

More supply is needed

The number of rental homes available on the market is around 20% lower than in 2019. With 22% more tenants looking to move, this means there simply aren’t enough properties to go around. That being said, the number of available properties is currently 14% higher compared to this time last year.

Rightmove has said that around 120,000 more rental properties are needed to bring rental price growth back towards pre-pandemic levels, based on current demand. While Labour has pledged to get over 1.5 million more homes built, many experts are calling for more government support for landlords in a bid to encourage more people to invest in the private rental market.

So, how can Kaytons help?

We currently have a wide range of rental properties up for grabs and we’re also here to answer any questions you may have about renting and guide you through the process. So, why not give us a call today or pop into our office? We’ve been helping landlords and tenants to navigate the Manchester rental market since 2012, and you could be next.