The rental market is booming, and some areas are seeing tenants snatch up properties quicker than you can say “deposit”.

Renters are on the move, and here’s where they’re headed:

Fastest Rental Markets:

• Gloucester: Properties are flying off the shelves here, with an average of just 14 days to find a tenant. That’s lightning-fast!
• Crawley and Mansfield: These areas aren’t far behind, with an average of 15 days to secure a renter.
• Cambridge and Aldershot: These areas are hot spots for renters, with properties taking an average of 16 days to let.
• Bexley (London): The capital’s fastest borough, with an average time of 16 days to find a renter.

Slowest Rental Markets:

• Middlesborough: It’s taking twice as long to secure a renter in this area, with an average of 29 days.
• Burnley and Blackburn: These areas are seeing an average of 28 days to find a tenant.
• Wigan and Leicester: Properties in these areas are taking an average of 27 days to rent.
• Kensington & Chelsea (London): This posh borough is the slowest for rentals, taking 32 days on average.
• City of Westminster (London): This area isn’t much faster, with an average of 28 days to find a tenant.

Expert Advice:

OnTheMarket president, Jason Tebb, says: “The rental market is super competitive, and some tenants are having to make quick decisions, especially if they want to get a good property at a good price. If renters are struggling to find something in the hot areas, they might have to widen their search.”

Tebb explains: “The north/south divide isn’t the whole story. A mix of factors like demand, available properties, and competition are driving these different speeds.”