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New research by Rightmove shows Wrexham has the busiest rental market in Great Britain, with an average of 56 tenants enquiring for each property.
The portal's new report shows that, since 2019, rental demand has increased by 42% across Great Britain, while the number of available homes has dropped by 28%.
Read on to learn about this year's rental hotspots, and to find out what the experts are forecasting for the rental market in 2024.
Rightmove researched the number of enquiries made by tenants for properties in 360 local authorities across Great Britain.
Enquiries were measured as instances of a prospective tenant phoning or emailing an agent to request a viewing.
The portal's data shows the average number of enquiries made per property has increased from six in 2019 to 20 this year.
With demand having risen significantly, average monthly rents in the five busiest areas have increased by between 31% and 60% since 2019.
Wrexham had the busiest rental market in Great Britain this year.
The city registered 56 enquiries from tenants per available property, up from just eight back in 2019.
Local agents put the surge in interest down to a stock shortage, caused in part by landlords selling up during the pandemic and existing tenants remaining in homes for longer.
The borough of Redbridge in east London had the second busiest market this year, with an average of 49 enquiries per property. This compares to just 11 in 2019.
Redbridge is one of the cheaper parts of London, but rent prices are still well in excess of most of Great Britain.
Tameside, located in Greater Manchester, registered 48 enquiries from renters per property in 2023, compared to 14 in 2019.
The borough is home to the towns of Ashton-under-Lyne, Droylsden, Mossley (pictured) and Stalybridge.
Located 10 miles south of Tameside, the town of Stockport had 48 enquiries per rental property this year (14 in 2019).
Average rents in Stockport have risen by 47% since 2019, when they stood at £945 per month.
Glasgow is Scotland's biggest city by population. It boasted 47 enquiries from tenants per property in 2023, up from 15 in 2019.
As with many cities, Glasgow has experienced a significant loss of rental stock due to landlords leaving the market.
The table below shows the top 10 busiest rental markets in the UK, and the average advertised rents they recorded this year.
Of the top 10, Waltham Forest in London has the highest rents (£2,097 per month) and Blackpool the lowest (£795).
| Area | Average number of enquiries per property (2023) | Average monthly rent |
|---|---|---|
| Wrexham | 56 | £960 |
| Redbridge | 49 | £2,051 |
| Tameside | 48 | £1,060 |
| Stockport | 48 | £1,389 |
| Glasgow | 47 | £1,038 |
| Thurrock | 47 | £1,550 |
| Salford | 46 | £1,205 |
Rightmove's figures show the degree to which the gap between supply and demand has widened since 2019.
However, Rightmove says the market has freed up slightly this year. It says tenant demand dropped by 12% year-on-year in 2023, and the number of available properties rose by 11%.
Tim Bannister of Rightmove says: 'The increase in available homes for rent is likely to be a combination of several factors.
'These include longer-term leases agreed during the pandemic years coming to an end, some new developments across the country being converted into rental homes, some landlords choosing to sell up, and other landlords who had temporarily switched to the short-let market now returning.'
Rent prices have risen significantly this year. HomeLet's Rental Index shows a 9% year-on-year change, while the estate agency Hamptons has recorded a 10% rise.
Rightmove's data shows a 10% increase outside of London, and a 6% rise within London.
The cost of renting will likely continue to rise in 2024. Rightmove forecasts that the price of newly advertised rents will increase by 5% outside of London, and by 3% in London.
If you're currently renting and are thinking of getting onto the property ladder in 2024, we're here to help.
As a starting point, check out our guide on buying a house. This offers step-by-step advice on your property search.
You can also check out our mortgage advice to learn how much you might be able to borrow, and see which banks topped the table in our mortgage lender reviews.
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