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Demand Is Shifting In Rental Market

December 24th 2020
By: Intercounty
Demand Is Shifting In Rental Market

There has been considerable focus on what buyers are looking for this year, but it is fair to say tenants are looking for homes which fit their needs too.

The impact of the lockdown means people are looking for larger homes and more space. This has led to some changes in the demand for rental property across the country.

People want more space at home

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%.

Rental homes are rising in importance

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 Leicester, London, 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 will always be popular

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.

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.”

For rental enquiries in Stansted, please feel free to call us on 01279 358809 or why not email us at stansted@intercounty.co.uk. With considerable experience in the local market, and free valuation services, we look forward to helping you move.