Findings published by Homelet showed that 28% of new tenancies were signed in Wakefield in 2014/15, making it the top city for new tenants during this time period.
Coventry was close behind with 26% of new tenancies, shortly followed by Brighton (24%), Nottingham (20%) and Greater London (18%). The proportion of new renters has jumped since the recession began from 11% as people migrate from other UK regions to the capital.
An average rented property in Greater London will now set tenants back £1,515 per month, according to data covering the three months to June 2015, 10.1% higher than a year ago. This is in contrast to average UK rent of £956 per month during the same period.
London has also seen the biggest rise in average monthly rent prices since the recession began in 2007/08, jumping by 51%. This increase is followed by Brighton where prices have surged by 25% and Coventry which has seen rents increase by 21%.
Martin Totty, CEO of Barbon Insurance Group, parent company of HomeLet, said: “… with its proximity to the burgeoning local economy of Leeds, Wakefield is an attractive and affordable location for tenants to move to. Meanwhile, cities such as Birmingham and Bristol appear to be ‘must stay’ locations, with tenants increasingly choosing to settle and stay in these cities, and continuing to choose to privately rent property in order to do so.
“While the London rental market continues to be popular, with the capital inevitably drawing in large numbers of people, it’s not the only part of the country attracting incomers, with tenants also choosing cities such as Nottingham, Brighton and Coventry.”
