Top Rental Markets of 2023 Unveiled - Six Greater Manchester Regions Experience High Demand

Rightmove, the UK's leading property site, has compiled a list highlighting the most sought-after rental locations in the country over the past year. The rankings are based on the number of inquiries received per available rental property.

 

According to Rightmove's comprehensive study, Wrexham emerges as the top rental location of the year, with each available rental property attracting an average of 56 inquiries from prospective tenants. This is a significant increase compared to just eight inquiries per property in 2019 when Wrexham occupied the 55th position in the rankings.

 

The analysis encompassed 360 local authorities across Great Britain, considering inquiries made by prospective tenants contacting letting agents via phone or email to request property viewings. The surge in the number of tenants vying for every available property is attributed to the persistent gap between supply and demand.

 

Although the gap is gradually narrowing nationwide, tenant demand remains 42% higher than in 2019, while the number of available rental properties is 28% lower. This suggests that more time is needed for the market to return to the more balanced levels observed in 2019.

 

Tim Bannister, Rightmove's property expert, shared insights, stating, "The balance between supply and demand has been slowly improving this year, and while it will likely be a long time yet before we reach the more normal market levels of 2019, the early signs of improvement are promising heading into 2024."

 

Bannister explained the increase in available rental homes, attributing it to the conclusion of longer-term leases agreed during the pandemic, the conversion of new developments into rental properties, landlords choosing to sell, and others returning after temporarily switching to the short-let market.

 

Despite these positive developments, the demand for rental homes still exceeds supply, leading Rightmove to anticipate a rise in rents by an average of 5% next year, a more moderate figure compared to the double-digit growth seen in previous years.

 

London's Redbridge secured the second spot on the list with an average of 49 inquiries per available rental property, up from 11 in 2019. Tameside in Greater Manchester claimed the third position, with an average of 48 inquiries compared to 14 in 2019.

 

The six areas in Greater Manchester that featured prominently on the list include Tameside, Stockport, Salford, Oldham, Rochdale, and Bury. Each experienced a surge in inquiries, reflecting the ongoing demand for rental properties in the region, despite varying average monthly rental prices.

 

Whitestone Solicitors

Rochdale 

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