Research carried out by Knight Frank reveals an increase over the last 10 years in the proportion of people renting in urban areas, most of which concentrated in cities outside London.
Knight Frank has monitored data of the Private Rental Sector to create a PRS index, together with a PRS Yield Guide to itemise market deals. The Guide shows that yields have tightened in Q2 in the Greater London area and also in other key cities apart from Bristol and Glasgow. Demand for rental property continues to grow, although tenants are looking for property which fits within what is affordable. Prospective tenants are also looking for flexible tenancies close to their workplace.
Furthermore, tenants are choosing to stay longer in one place. The English Housing Survey shows the average number of years tenants choosing to stay in a property for between 2 and 4 years.