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Last week we revealed the top areas for property buyer demand, but tenant property demand is also obviously important to buy to let property investors.
The latest research by rental management platform, Howsy, has looked at where across the UK is kicking off a new decade with the highest tenant property demand for buy to let investment homes.
They looked at rental listings across the major online portals and analysed demand across 23 major UK cities as well as each borough of London, based on the proportion of rental listings that had already been snapped up by renters as a percentage of all listings available online.
Highest Tenant Property Demand
When it comes to current demand, Newport is home to the highest level of tenant property demand with 35 per cent of all rental homes listed on the major portals already let.
Bristol also remains one of the most in-demand cities for rental properties at 34 per cent, with Nottingham (33 per cent), Cambridge (33 per cent) and Belfast (25 per cent) also ranking in the top five.
Plymouth (23 per cent), Portsmouth (23 per cent), Bournemouth (23 per cent), Leicester (18 per cent) and Manchester (18 per cent) complete the top 10.
Aberdeen remains the least sought-after area for rental properties in the UK with tenant demand at 5 per cent followed by Swansea (8 per cent) and Leeds (9 per cent).
Within the capital, Bexley, Bromley, Sutton and Lewisham are the hottest boroughs for tenants straight off the bat in 2020, with 38 per cent of all rental stock listed online already being snapped up.
Merton (32 per cent), Croydon (31 per cent), Greenwich (30 per cent), Haringey (29 per cent), Enfield (29 per cent) and Kingston (27 per cent) are also amongst the most popular.
The high financial barrier of rental costs is evident at the top end of the ladder with Kensington and Chelsea (7 per cent), Westminster (7 per cent), Camden (11 per cent), the City of London (12 per cent) and Hammersmith and Fulham (13 per cent) all ranking with the lowest number of properties let as a percentage of total properties listed.
Founder and CEO of Howsy, Calum Brannan, commented: ‘The buy to let sector may have had a rough ride of late but the UK rental market is still heavily relied upon by many in order to put a roof over their head and as a result, many cities still provide a great opportunity for buy to let investors due to the lower levels of available stock and consistently high tenant demand.