People looking to rent a place along the Elizabethan Line, where competition among prospective tenants doubles in a single year.
The top three stations that have seen the biggest increase in tenant demand are those furthest along the line, with Reading topping the list (+32%), followed by Brentwood (+26%) and Shenfield (+25%) ) Are. , according to data from Rightmove.
The average rent for a home in Reading is £1,401 per calendar month (pcm) and an increase of 10% on the previous year, compared to an average of £2,501 pcm in London where rent demand for new tenants increased by 14 % has increased over the previous year.
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Competition among tenants to rent a house in Ilford has nearly doubled in a year (+97%), the highest around any Elizabeth Line station, followed by Manor Park (+86%) and Chadwell Heath (+80%) is ranked.
The average asking rent in Ilford is £1,817, while Manor Park rents average £1,924. The average rent in Chadwell Heath is £1,746 and landlords in Reading station are charging £1,401.
“A shortage of available homes, record rents and the ability for many to work from home are all contributing to renters casting their net wide and searching for new areas to live in, in many cases away from major cities . The Elizabeth Line has opened up new options for renters who need to commute to different areas of London, and in many cases with cheaper rents than typical London hotspots,” said Tim Bannister, property specialist at Rightmove.
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Far from being an Elizabethan Line phenomenon, demand far exceeds supply in the rental market across the country, resulting in multiple tenants competing for the same property in many areas of Great Britain.
Compared to 2019, there has been a 42% increase in tenant demand, and a 48% decrease in the number of rental properties.
For those looking to get on the housing ladder, Gidea Park near the Elizabeth Line station is the most sought-after area, followed by Brentwood and Shenfield, while Ealing Broadway has seen the biggest rise in prices.
The average asking price for a home near Ealing Broadway station has risen by 9% on the previous year, and is now £886,251, up from £812,394 the previous year.
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