Over 40 tenants compete for every Gumtree rental in k...

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13 June 2024

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Over 40 tenants compete for every Gumtree rental in key towns

Some locations in the UK are seeing as many as 40-plus prospective tenants racing for the keys of every available rental property.

A report by website Gumtree suggests that Luton in Bedfordshire is the UK’s rental hotspot - with 49 people for every home up for rent.

Reading, Sheffield, Newcastle and Bournemouth make up the top five according to the data.

Southampton, Edinburgh’s Royal Mile region, Longsight in Manchester, Cumbernauld in Dunbartonshire, and Droylsden in Greater Manchester were also in the top 10.

The data was released as part of a new analysis into the rental crisis conducted by the website along with property firm House Buy Fast.

Trends expert Hannah Rouch from Gumtree says: “The demand for good quality rental properties is at a critical level and shows no sign of reducing. Gumtree’s data indicates that the rental market is under huge pressure, with home hunters competing against tens of others as soon as listings are posted.

“Importantly, the shortage of available rental properties is spread across the UK - this isn’t an issue that is confined to our largest cities. With many people struggling to financially make ends meet, it is crucial that more affordable rental options are brought onto the market to meet increasing consumer demand.”

The figures come in the wake of recent data that shows how the number of properties available to rent has plummeted by almost half due to landlords selling up.

In total, 163,000 privately rented properties disappeared from the market between 2019 and the end of 2023 as the number of landlords selling up outstripped purchases.

Long-term shortages of housing stock have been blamed for driving up rents. Last year, tenants renewing an existing contract saw their rental payments jump by 8.3%, bringing the average up to £1,151 per month.

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