The rental market across the UK’s major cities has started to pick up as the country edges out of lockdown, research from estate and lettings agent Barrows and Forrester reveals.
The latest market data from the firm found that there has been a sharp uplift in tenant demand for rental properties across the UK’s major cities.
Demand for rental homes now sits at 37.6% for the first quarter of the year, having climbed 10.4% since the final quarter of last year.
Super-prime tenancies rebound in second half of 2020
Of all major cities Birmingham has seen the biggest increase in rental demand in 2021 with a 25.2% uplift in demand for rental homes and 46.7% of all properties on the market being snapped up by tenants.
Bournemouth has also seen a considerable increase, up 23.3% between Q1 of this year and the final quarter of 2020.
Cardiff (18.6%), Southampton (16.8%) and Newport (16.4%) also rank within the top five largest increases in rental demand.
Just Liverpool and Belfast have seen rental demand drop during the first quarter of this year, down 2.3% and 15.8% respectively
James Forrester, managing director of Barrows and Forrester, said: “It’s been a very tough year for landlords and many have seen their rental income reduce due to tenants falling on tough financial times, while others have struggled to find a tenant in the first place.
“As a result, early signs of rental demand returning to the market will be very welcome indeed and, as we ease out of lockdown, this is a trend we will hopefully see increase throughout the remainder of the year.
“The green light for some university students to return and the fast-approaching start of a new academic year should further boost this initial increase in demand and so things are certainly starting to look up for the UK rental sector.”