In terms of tenant demand, the average number of enquiries from potential tenants per property is down to 15 from 23 last year. However, this is still nearly double the pre-pandemic average of 8 in 2019.
While the number of available properties has increased by 13% year-on-year, suggesting a slight easing in supply-demand pressures in the rental market, it’s worth noting that the available stock is still 27% below 2019 levels.
The rental demand recorded also varies greatly by region and city. In a separate report, Rightmove found that 19 UK rental markets, including Salford, Liverpool, and Manchester, are still seeing upwards of 40 enquiries per available rental property.
Salford, home of RWinvest’s latest off-plan property launch, West One, is one of the busiest markets in the country, with each rental property attracting an average of 47 enquiries. West One is designed to appeal to the modern renter with outstanding onsite facilities and apartments with EPC ratings of A, allowing investors to fully benefit from this booming rental market.