The latest Rental Demand Index from estate and lettings agent Barrows and Forrester reveals that Cornwall is the nation’s most sought-after rental market, with both the highest tenant demand and the most available stock already let.
The index measures tenant demand for rental homes across England’s counties based on the proportion of available rental stock marked as let agreed.
Q1 results show that 36% of all rental market stock has been taken by tenants, a 1.9% increase from the previous quarter but still 2.1% lower than last year.
Cornwall leads the table, with 64% of available rental stock already let. West Sussex follows at 60%, with Bedfordshire (56%), Dorset (55%), and Wiltshire (55%) rounding out the top five.
Cornwall experienced the highest quarterly increase in demand, with 26% more rental properties let in Q1 compared to Q4 2022.
Other notable quarterly increases include Rutland (15%), Bristol (12%), East Sussex (11%), and Greater Manchester (9%). On an annual basis, Bedfordshire has seen the largest demand surge at 5.3%.
However, the West Midlands currently has the lowest rental demand at 19%, while Durham has seen the largest quarterly decline (-10.6%) and Herefordshire the largest annual drop (-12.8%).
James Forrester, managing director of Barrows and Forrester, said: “While rental demand has crept up in Q1, the market as a whole isn’t quite as hot as it was this time last year, which means tenants looking for a property in the current rental market should find it that little bit easier.
“Of course, in some areas demand remains incredibly high, while in others it has increased substantially both on a quarterly and annual basis. The upshot for tenants in these high demand areas is a far tougher time securing a rental home and when they do, they can expect to pay an inflated level of rent for the pleasure.
“Unfortunately, with the Government once again choosing to ignore buy-to-let landlords in the recent spring statement, the issue of rental stock supply is only likely to get worse as the year progresses.
“So those considering a move within the rental market are best advised to act sooner, rather than later, before demand starts to soar and their options are substantially reduced.”
