"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"
The latest Rental Demand Index from estate and lettings agent, Barrows and Forrester, has revealed that with demand spiking around the UK for rental accommodation, Cornwall is currently home to the highest level of tenant demand as well as seeing the largest increase so far this year, with a huge 64% of all available rental stock already let.
West Sussex is home to the second highest level of demand at 60%, with Bedfordshire (56%), Dorset (55%) and Wilshire (55%) also ranking within the top five.
Behind Conwall's 26% quarterly uplift in demand, Rutland is home to the second-highest quarterly increase, with rental demand up by 15% in Q1 of this year, followed by Bristol (+12%), East Sussex (+11%) and Greater Manchester (+9%).
However, on an annual basis, it’s Bedfordshire that has seen the largest uplift in demand at 5.3%. Worcestershire is also home to some of the strongest annual movement in rental demand, up by 5% versus Q1 of 2022.
East Sussex (+5%), Staffordshire (+4%) and Greater Manchester (+3%) also make the top five counties for the largest annual uptick in rental demand.
At 19%, the West Midlands is currently home to the lowest level of current rental demand, while Durham has seen the largest quarterly decline (-10.6%), with Herefordshire seeing the largest annual drop (-12.8%).
James Forrester, Managing Director of Barrows and Forrester, commented: “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.”
