Renters Are Searching Further Than Ever
Looking for a rental? Chances are you’ll have to search a lot further than you did five years ago! With demand sky-high, people are expanding their search areas by over 60%. Back in 2019, renters were exploring around 60 sq km, but now it’s over 100 sq km. Why? Mainly because of the shortage of rental properties and skyrocketing rent prices. People are being forced to look further out to find something they can actually afford.
Renters Are Moving Out of Cities
Another interesting trend is that more renters are leaving big cities and looking at the suburbs or even rural areas. During the pandemic, lots of people swapped city life for quieter spots, and while this trend has reversed in the sales market, it's still going strong in rentals. For example, 34% of London renters are now looking outside the city, up from 30% in 2021. In Leeds, 52% of renters are searching outside the city compared to 46% a few years ago, and the same trend is being seen in Glasgow.
More Homes Are Needed
While the number of available rentals has gone up by 14% compared to last year, it’s still 20% below what we had in 2019. Meanwhile, 22% more people are looking to move than before the pandemic, creating a huge gap between supply and demand. Experts say the market needs around 120,000 more rental homes to ease price increases and meet the current demand.
Positive Signs for Renters
There’s some hope on the horizon. New government plans like the Renters’ Rights Bill aim to boost renters’ rights and limit unfair evictions. Plus, there’s talk of building more homes, which could help make the rental market a bit more affordable for everyone. But until then, expect to keep widening your search if you’re on the hunt for a new place!
