What Is The Demand For Rental Homes In London?

While there is a lot of talk about heightened demand for property, it shouldn’t be overlooked there is significant demand for rental property. Also, much like the demand for property, there has been a change in what is hot right now in the rental market.

While there is a lot of talk about heightened demand for property, it shouldn’t be overlooked there is significant demand for rental property. Also, much like the demand for property, there has been a change in what is hot right now in the rental market.

Information provided by Howsy, a lettings management platform, indicates that demand from tenants is greater for houses than flats or apartments in 22 major cities across the United Kingdom.

The research looked at what rental properties are being taken up by tenants, and what the demand for different property types are. The Howsy analysis indicates the demand for houses currently stands at 29%, while flats and apartments have demand of 26%.

Houses are in demand in the capital

The UK city with the highest demand for houses is Belfast, and the top five cities with demand for houses is as follows:

• Belfast, with a demand of 69% for houses

• Glasgow has a demand of 59% for houses

• Portsmouth holds a demand of 49% for houses

• Sheffield has 30% demand for houses

• Cardiff records a 27% demand for houses

• Other cities where the demand for rental property was greater than flats or apartments include London, Leicester, Aberdeen, Edinburgh, Cambridge, Oxford and Newcastle.

These results are in line with the overall view of what buyers are looking for right now. People want space, and it makes sense that houses are more appealing than flats or apartments. With the demand for garden space, a house is a natural choice.

Flats are still appealing in many areas

Of the cities where the demand for flats is greater than the demand for houses, the following cities make up the top five:

• Manchester has a 57% demand for flats and apartments

• Liverpool holds a 53% demand for apartments and flats

• Birmingham records a 42% level of demand for flats and apartments

• Nottingham recorded a 35% level of demand for flats and apartments

• Leeds with a 33% level of demand for apartments and flats

Other cities where the demand for flats was notable include Newport, Swansea, Bristol, Plymouth, Bournemouth and Southampton.

Do you have what tenants are looking for?

Calum Brannan is the founder and CEO of Howsy, and he said; “There’s no denying that the current pandemic has caused a shift in tenant demand trends as many have looked for more space in the wake of initial lockdown restrictions.”

Calum also said; “However, this trend hasn’t quite swept the nation completely and demand for flats and apartments remains robust in a number of major cities. As we slowly return to normality, we should see flats and apartments continue to increase in demand as our major cities reopen their doors both professionally and socially. This will be welcome news for landlords who have seen demand for flats fall and have had to slash rental prices to secure a tenant.”

We know these are challenging times, but if you have any questions about the local property market, please feel free to contact us. At Ariston Property, we aim to support the local community as best we can, and we look forward to assisting you in any way.