Study reveals regions where new rental stock is lowest in 2023

house keys for home ownershipJust over 22,000 new rental properties have reached the market so far this year, accounting for 16% of the rental homes currently listed on the market, according to analysis by Ocasa.

On a regional level, the greatest scarcity of newly listed rental properties is found in the West Midlands, where fresh rental stock accounts for just 11.7% of total available rental properties.

In both the East Midlands and Wales, newly listed rental stock accounts for 12% of all homes available to rent. The percentage of new rental listings entering the market is also below the national average in Yorkshire & Humber (13%), the North East (14%), North West (14%) and South East (15%).

In fact, just the East of England (19%), London (21%) and Scotland (21%) currently sit above the national benchmark in this respect.

When analysing the data at major city level, Leeds tenants face the smallest proportion of new rental stock at just 6%. In Birmingham, new stock currently accounts for 8% of total properties available, climbing to 9% in Nottingham, Liverpool, Newcastle and Sheffield.

However, tenants on the hunt in Edinburgh (28%), Glasgow (21%) and London (21%) have a far better chance of finding a fresh rental property, with newly listed stock accounting for over a fifth of total properties currently listed for let.

Jack Godby, sales and marketing director at Ocasa, commented: “We are entering what could be a very difficult year for tenants. Not only do they face the tough task of accumulating a sizeable deposit in order to secure a rental property, but the rising cost of living is putting a further squeeze on their finances on a long-term basis.

“More and more landlords are choosing to exit the sector. Of course, this reduction in stock will only hurt tenants further as a supply demand imbalance causes rental prices to continue to climb ever higher.”

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