Rental demand eases but tourist hotspot see dramatic ...

Cornwall is the hottest spot in the rental market, not only home to the highest level of tenant demand, but also seeing the largest increase this year.

A ‘Rental Demand Index’ by lettings agency Barrows and Forrester gauges tenant demand for rental homes across each county of England based on the level of available rental stock that has already been market as ‘let agreed.’

The latest index shows that in Q1, 36 per cent of all rental market stock has already been snapped up by tenants.

Cornwall tops the table, where 64 per cent of all available rental stock has already been let.

West Sussex is second highest level at 60% per cent with Bedfordshire (56 per cent) Dorset and Wilshire (both 55 per cent) within the top five.

Cornwall has also seen the largest quarterly uplift in demand, with 26 per cent more rental properties let in Q1 versus Q4, 2022.

Rutland, Bristol, East Sussex and Greater Manchester make up the top five in this category.

Barrows and Forrester managing director James Forrester says: “While rental demand has crept up in Q1, the market as a whole isn’t quite as hot as it was this time last year, which means tenants looking for a property in the current rental market should find it that little bit easier.

“Of course, in some areas demand remains incredibly high, while in others it has increased substantially both on a quarterly and annual basis.

“The upshot for tenants in these high demand areas is a far tougher time securing a rental home and when they do, they can expect to pay an inflated level of rent for the pleasure.

“Unfortunately, with the government once again choosing to ignore buy to let landlords in the recent spring statement, the issue of rental stock supply is only likely to get worse as the year progresses.”