Renting a property continues to be a favourable option in the housing market, and popular rental properties are in high demand due to low levels of availability. This creates a promising opportunity for buy to let investors.
However, before you buy a house or flat and become a landlord, you should consider what constitutes popular rental properties in today’s market. With work and life patterns changing in response to the current pandemic, people are reassessing where and how they live. This creates high levels of activity and demand in the rental market, so if you know the trends, you are on your way to building a successful rental property portfolio.
The location always has and will continue to play a crucial role in where you are likely to find success as a landlord. Buying in the right place will demand the highest rental prices and have tenants lined up.
According to letting agent Howsy, tenant demand is highest in Newport, followed by Bristol, Nottingham, Cambridge, and Belfast. Portsmouth, Plymouth, Bournemouth, Manchester, and Leicester are also crying out for popular rental properties. The lowest demand is in locations such as Aberdeen, Swansea, and Leeds.
Within London, Bromley, Bexley, Lewisham, and Sutton top the rankings, closely followed by Merton, Croydon, Haringey, Greenwich, Enfield, and Kingston.
According to Zoopla, the average rental price is increasing in Preston, Sunderland, Rochdale, Leicester, York, and Bristol, so these are good locations to consider.
In Demand Properties & Amenities
Many renters are looking to upsize, seeking more space as they spend more time at home due to minimising social contact during the pandemic. A home office space is top on the list for many who have now found themselves working from home. Internet connectivity and speed are also important factors. The most popular rental properties will be those close to open spaces such as parks.
In most locations, houses are in greater demand than apartments and flats. However, Manchester and Liverpool are two examples where flats still top the bill. Amenities in high demand include those that provide the most convenience, including washer-dryers, dishwashers, and microwaves.