Rightmove reveals UK's busiest rental market – where are the buy-to-let opportunities?

A large supply and demand imbalance is still benefiting landlords in some parts of the UK, with Wrexham seeing 54 enquiries per home. We reveal the top spots for buy-to-let investors

Wrexham overview
(Image credit: Getty Images/SteveAllenPhoto)

Rents outside of London have hit a new record and landlords can still benefit from high levels of tenant demand even amid reform of the rental sector, research suggests.

Landlords may be reconsidering the benefits of buy-to-let amid the Renters’ Rights Bill and clampdowns on tax reliefs when it comes to property investing.

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Average advertised rents outside London are now a record £1,349 per calendar month and 5% higher than this time last year, Rightmove said.

The areas with the highest level of tenant demand

Despite mortgage rates falling, there are still plenty of people who struggle to get on the property ladder or choose the flexibility of renting.

Tenants have been hit with rent rises due to a lack of supply, which has been exacerbated by landlords exiting buy-to-let amid rising costs and fears of tax rises in the upcoming Budget.

Wrexham has been identified as a tenant demand hotspot by Rightmove, with rents at £967 per month on average.

An average letting agent in Wrexham is currently receiving 54 enquiries for every rental home that comes onto the market, Rightmove said.

Glasgow is second on the list, with an average of 52 enquiries being sent to letting agents per available rental property and typical monthly rents of £1,078.

Bristol is third, with an average of 51 enquiries per property and average rents of £1,658.

Swipe to scroll horizontally
Top 10 busiest rental markets (Rightmove)
AreaAverage number of enquiries per available rental propertyAverage advertised rent per calendar month
Wrexham54£967
Glasgow52£1,078
Bristol51£1.658
Plymouth50£1,137
Wirral47£999
Salford47£1,232
Stockport46£1,384
Oldham45£1,022
Tameside45£1,091
Bath45£1.784

Is buy-to-let worth it?

Tax changes and a potential ban on ‘no-fault’ evictions are putting extra pressure on landlords, making many consider if buy-to-let is worth the effort.

While asking rents continue to rise, they are down from the peak annual rate of growth of 12% in 2022 and are at the slowest rate since 2021, according to Rightmove.

Additionally, the number of tenants looking for a new home has dropped by 16% compared to last year, and at the same time, the overall number of available homes on the market has improved by 8%.

That could put further pressure on rental growth. Plus, rental supply remains an issue. The number of tenants looking for a home is still 17% ahead of the more normal pre-pandemic 2019 market, while the number of available rental homes is still 32% behind the same period in 2019.

“Whilst at a high-level there has been an easing in the rental market compared with last year, from speaking with agents, we know that many local markets are yet to feel the effect from these improvements,” says Tim Bannister, Rightmove’s property expert.

“At the same time, prospective tenants are still likely to be experiencing a very hot and competitive market. To be receiving upwards of 50 enquiries per available rental property in some local areas is an astonishing figure, which goes to show the significant amount of work still to be done to improve the balance of supply and demand across different areas of Great Britain.”

Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.