Wrexham has been revealed as the UK’s busiest rental market with 54 enquiries per home, according to Rightmove’s Demand Tracker.
This compares to an average of 19 enquiries per rental property across the UK. The average monthly advertised rent in Wrexham is £967.
Glasgow was highlighted as the second most popular, with 52 enquiries per property. Bristol was a close third with 51.
The average monthly advertised rent for these cities is £1,078 and £1,658, respectively. The latter is the most expensive in the top 20 busiest rental markets identified.
Conversely, the cheapest of the 20 busiest markets was Blackpool with £805 as the average monthly rent. Properties in this city receive 44 enquiries on average.
Elsewhere, Rightmove revealed an increase in advertised rents. Outside London, average advertised rents are now 5% than last year at a record £1,349 per calendar month.
However, this is down from the peak annual growth rate of 12% recorded in 2022. This is the slowest rent increase since 2021.
“Whilst at a high-level there has been an easing in the rental market compared with last year, from speaking with agents, we know that many local markets are yet to feel the effect from these improvements,” said Tim Bannister, property expert at Rightmove.
“At the same time, prospective tenants are still likely to be experiencing a very hot and competitive market. To be receiving upwards of 50 enquiries per available rental property in some local areas is an astonishing figure, which goes to show the significant amount of work still to be done to improve the balance of supply and demand across different areas of Great Britain.”
Overall, Rightmove has seen the imbalance between supply and demand of rental properties improve.
Though still ahead of the rates seen pre-pandemic, the number of tenants looking for a home has dropped 16% from 2023. At the same time the number of available properties has improved by 8%.
