In recent months, tenant demand has shifted, and in many parts of the country, there is now a greater demand for houses than flats from tenants. This is a major shift, and it is no doubt driven by the lockdown period.
Many people have re-evaluated what is important to them, and having more space is vital. With this in mind, it is easy to see why there is a growth in demand for houses as opposed to flats in the rental market.
However, as we will see later, this isn’t the case in Nottingham. Here, the demand from tenants remains along traditional lines.
Tenant demand is changing
Information provided by Howsy, a lettings management platform, indicates that demand from tenants is greater for houses than flats or apartments in 22 major cities across the United Kingdom.
The research looked at what rental properties are being taken up by tenants, and what the demand for different property types are. The Howsy analysis indicates the demand for houses currently stands at 29%, while flats and apartments have demand of 26%.
The UK city with the highest demand for houses is Belfast, and the top five cities with demand for houses is as follows:
Belfast, with a demand of 69% for houses
Glasgow has a demand of 59% for houses
Portsmouth holds a demand of 49% for houses
Sheffield has 30% demand for houses
Cardiff records a 27% demand for houses
Other cities where the demand for rental property was greater than flats or apartments include Leicester, London, Aberdeen, Edinburgh, Cambridge, Oxford and Newcastle.
These results are in line with the overall view of what buyers are looking for right now. People want space, and it makes sense that houses are more appealing than flats or apartments. With the demand for garden space, a house is a natural choice.
Nottingham is one of the cities where the demand for flats remains
Of the cities where the demand for flats is greater than the demand for houses, the following cities make up the top five:
Manchester has a 57% demand for flats and apartments
Liverpool holds a 53% demand for apartments and flats
Birmingham records a 42% level of demand for flats and apartments
Nottingham recorded a 35% level of demand for flats and apartments
Leeds with a 33% level of demand for apartments and flats
Other cities where the demand for flats was notable include Newport, Swansea, Bristol, Plymouth, Bournemouth and Southampton.
Calum Brannan is the founder and CEO of Howsy, and he said; “There’s no denying that the current pandemic has caused a shift in tenant demand trends as many have looked for more space in the wake of initial lockdown restrictions.”
Calum also said; “However, this trend hasn’t quite swept the nation completely and demand for flats and apartments remains robust in a number of major cities. As we slowly return to normality, we should see flats and apartments continue to increase in demand as our major cities reopen their doors both professionally and socially. This will be welcome news for landlords who have seen demand for flats fall and have had to slash rental prices to secure a tenant.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing email@example.com.