These are the best cities to rent a property.
The list has been compiled based on the results of a study by Ascend Properties.
Ascend Properties has highlighted which areas of the real estate market present the greatest potential opportunity for Build to Rent investors based on the prominence of rent. In total, just £ 16 billion has been invested in the Build to rent sector and it is projected to reach £ 25 billion by 2025. But where should investors look when investing in this part of the building market? Quick-onset rental?
Ascend analyzed the number of private tenants in 15 major cities, and what this equates to as a percentage of total homes, to reveal where the greatest demand for rental housing was.
Research shows that in England around 4.7 million people live in the private rental sector. This equates to 19.4% of all homes nationwide.
However, the preference for rental is much higher in our major cities, and in some cases the private rental sector accounts for up to a third of the city’s housing.
Manchester is the largest city offering the most potential for Build to rent investors, with private rentals accounting for up to 30.7% of the city’s real estate.
London is home to by far the largest volume of rental stock with just over a million private rental homes, accounting for 28.9% of all homes.
Southampton, Bristol, Nottingham, Liverpool, Portsmouth, Leicester and Bournemouth also rank high with a quarter or more of those living there through the private rental sector.
Renting a property in these cities is a good idea.
Ged McPartlin, Managing Director of Ascend Properties, said: “Too often we see real estate investing focus on the next ‘promising’ location, but when it comes to the rental market, success depends on demand from tenants and the ability to maintain a steady stream of rental income. In this sense, following the crowd is a smart move and the percentage of a population that already resides within the rental sector is a key indicator of where demand is at its highest.”
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