Wrexham has emerged as the most sought-after rental location in 2023, experiencing a dramatic increase in tenant interest. According to recent data from Rightmove, rental properties in Wrexham have attracted an average of 56 enquiries from prospective tenants this year, a significant rise from just eight enquiries in 2019.
Following closely behind Wrexham are Redbridge in London and Tameside in Greater Manchester, with averages of 49 and 48 enquiries per rental property, respectively. This spike in enquiries is part of a broader trend observed across Great Britain, where the average enquiries per available rental property have jumped from six in 2019 to 20 in 2023, highlighting the growing disparity between supply and demand.
Despite this intense competition for rental properties, Rightmove anticipates some relief in the near future. The property giant forecasts a more modest 5% increase in newly advertised rents outside London and a 3% hike in London for 2024, compared to steeper rises in previous years. This prediction aligns with the current market dynamics showing a 12% decrease in tenant demand and an 11% increase in rental property availability compared to last year.
Even with these shifts, the rental market remains tight. Tenant demand is still 42% higher than in 2019, while the availability of rental properties lags behind by 28%. The path to achieving a balance similar to 2019’s market levels appears lengthy, yet early signs of improvement are evident.
Tim Bannister, Rightmove’s property analyst, remarks on this trend: “The balance between supply and demand has been slowly improving this year… we still expect rents to rise on average next year. But these early signs of a better balance of supply and demand means we predict rents will rise by a smaller figure of 5% next year, rather than another year of double-digit rental growth.”
Karen Evans, Operations Director at Monopoly Buy, echoes this sentiment, especially in Wrexham: “It’s been a really crazy year for the Wrexham rental market… we’ve had to reduce viewing times and host group viewing sessions.” She also notes some landlords have started to lower rents for high-end properties, indicating a shift in the market.
Vaughan Schofield, owner at Belvoir Wrexham, adds further: “For a three-bed detached or semi-detached house on a good street in Wrexham, we could receive 100 enquiries for the property.” He highlights the continued high demand despite increased returns from landlords to the market.
Overall, while the rental market remains challenging, there are hopeful signs of a gradual return to more balanced conditions.