Norwich is in the top most in-demand locations for renters

Norwich is one of the most popular places to seek a rental home, according to recent research by property portal Rightmove.

The fine city comes in at number 17, while Wrexham, in Wales, tops the list.

Rightmove’s Demand Tracker reveals the ranking of the most popular locations in which to rent based on millions of local data points across more than 250 local authorities.

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

This high volume of applications from prospective tenants compares to a Great Britain average of 19 in the rental market right now.

With an average of 52 enquiries per home, Glasgow is the second and with 51 enquiries Bristol is the third most in-demand area.

Norwich sees 41 enquiries for its rental homes and has an average rent per calendar month of £1,229.

While the market is still very busy, the imbalance between supply and demand in the rental market has been improving this year.

The number of tenants looking for a home has dropped by 16 per cent compared to last year, and at the same time, the overall number of available homes on the market has improved by eight per cent.

The rental market is still in need of more supply of available homes to prevent a reversal in the improvements to the balance of supply and demand this year.

The number of tenants looking for a home is still 17 per cent ahead of the more normal pre-pandemic 2019 market, while the number of available rental homes is still 32 per cent behind the same period in 2019.

Rightmove’s property expert, Tim Bannister, says: “While 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.

“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.”