"As our research shows, the rental market is particularly competitive in Bradford, Manchester and London, meaning aspiring tenants in the cities face a far tougher time than most when it comes to securing a rental property"
- Adam Piggot - OpenBrix
In Bradford, just 1.2% of rental stock is currently available to rent, with 500 private rental dwellings out of 42,700 in the West Yorkshire city listed to let today.
The analysis comes from Tlyfe which looked at current rental market listings up for rent and what this figure equates to as a proportion of all private rental dwellings stock across 12 major cities in England.
After Bradford comes the usual suspects in terms of the busiest rental markets - Manchester and London.
Across Greater Manchester 2.4% of rental stock is currently available to tenants, followed by 2.9% in London, indicating that properties aren’t listed for long before being snapped up by tenants.
One positive is both cities are heavily populated, meaning there are still thousands of properties to choose from. In Manchester, tenants typically have 5,800 properties to choose from in the current market, while this climbs to 34,000 in London.
It’s easier to be a new tenant in Nottingham, where 13.8% of rental dwellings are available today.
This means tenants are likely to be in the driving seat when it comes to selecting a property in the East Midlands city, pushing landlords to drive up the standards of their homes if they want to attract the most reliable tenants.
Things are also more balanced in Leeds and Newcastle, where 9.3% and 6.3% of all rental homes are currently available respectively.
Across Sheffield (5.8%), Brighton (5.6%) and Bristol (5.6%) between 5% and 6% of all rental homes are up for grabs for new tenants today.
CEO of OpenBrix, Adam Pigott, commented: “Finding a value-for-money rental property can feel like a rat race, as you compete with other eager tenants for what is essentially a limited level of rental stock.
“As our research shows, the rental market is particularly competitive in Bradford, Manchester and London, meaning aspiring tenants in the cities face a far tougher time than most when it comes to securing a rental property.
“This emphasis on speed makes it imperative that tenants take steps to make themselves attractive to landlords ahead of time, by securing references, undertaking a credit check, and supplying proof of income.
“If you’re not sure where to start with this process, we’ve designed the first platform in tlyfe that can help you get truly ‘rent ready’, putting you ahead of the rest before you apply.”
