The latest market analysis from specialist rental platform, Ocasa, highlights that rent values across England in 2022 have experienced the highest 12-month growth rate since 2008 and it’s a similar story across the rest of Britain’s nations with average rents pushed up by strong demand and low stock - resulting in some very fast-moving rental markets.
According to data from Ocasa, across Britain, 17% of rental homes entering the market are being snapped up by tenants within two weeks of being listed. The East of England is home to the fastest-moving regional market with 24% of rental homes being grabbed by eager renters within a fortnight of becoming available.
In London, 20% of homes are taken within two weeks while the speed of the South West (19%) and South East (17%) rental markets also rank above the national average. The North East (16%), and Scotland (16%) are close behind.
Meanwhile, market speed in the likes of Yorkshire & Humber (10%), Wales (10%), and the East Midlands (12%) is well below the national average.
On a city level, the fastest-moving rental market is found in Bradford, West Yorkshire, where 30% of properties are snapped up within two weeks of listing.
In Glasgow, this number drops to 26%, in London, it’s down to 20%, and in Bristol, 17% of stock is rented within a fortnight.
In comparison, Leeds (7%), Liverpool (7%), Leicester (8%), and Cardiff (9%) are home to slower-moving markets.
Jack Godby, Sales and Marketing Director at Ocasa, commented: “Tenants are facing a very tough time at present, as not only is the cost of living crisis stretching their finances, but high demand for rental properties is also pushing the cost of renting ever higher.
"As such, tenants with tight incomes are losing out to those whose pockets are deeper but still not deep enough to entertain the idea of buying in today’s frantic sales market. It doesn’t bode well for renters on low incomes. A cost of living crisis, inflation rises, and recently-announced tax increases mean real income is set to shrink.
"It used to be that home ownership was the driving aspiration that we looked towards. Today, however, we're getting dangerously close to a point where, for many people, simply renting a good home is a very tough task in itself.”
