Rental market race: Gloucester leads, Middlesbrough lags

Rental market race: Gloucester leads, Middlesbrough lags

9:26 AM, 27th August 2024, About 3 months ago

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With rental demand soaring, competition for properties is fierce and data from OnTheMarket highlights the extreme disparities in how quickly rental homes are being snapped up.

The platform’s new ‘Transaction Speed Index’ has Gloucester as the fastest market, with properties being let in just 14 days.

However, Middlesbrough is the slowest market, with tenants taking an average of 29 days to decide.

London also has significant variations with Bexley claiming the top spot as the capital’s quickest rental market at 16 days.

That’s in stark contrast to Kensington and Chelsea, where tenants had 32 days to make up their minds.

Rental market remains highly competitive

OnTheMarket’s president, Jason Tebb, said: “The rental market remains highly competitive with some unlucky tenants finding they have very little time to make a decision, particularly if they want to secure a good property at a reasonable price.

“As with buyers and sellers, it pays to be organised, getting paperwork together in advance, making sure you have the funds for your deposit, and ensuring you can move quickly if you have to.”

He adds: “With more flexibility when it comes to renting rather than buying, it may be worth tenants spreading their net a little further if they are really struggling to find a suitable option in one of the hottest boroughs.

“It is also good practice to get local letting agents on side so that when a property that suits you and is within budget becomes available you are at the front of the queue.”

Rental homes in Cambridge and Aldershot

The data also shows that Crawley and Mansfield are close behind Gloucester at 15 days, while rental homes in Cambridge and Aldershot take 16 days to shift.

However, the rental market is not just moving slowly in Middlesbrough, landlords in Burnley and Blackburn will find it takes 28 days to find a tenant.

The City of Westminster also has a delay of 28 days.

In Wigan and Leicester, it takes 27 days on average to find a renter.


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