Liverpool, a city experiencing significant growth, has grown to be a desirable location for tenants seeking open and inexpensive housing options. However, how robust will Liverpool rentals be in 2023, and what variables are most likely to have an impact on the renting market in the years to come?
Liverpool’s rental market has been on the rise for several years now, attracting an increasing number of renters to the city. Its unique combination of culture, history, and modernity, along with its growing reputation as a hub for tech and creative industries, has made it an attractive destination for both students and professionals. But with the ongoing COVID-19 pandemic and proposed reforms to the planning system, there are both challenges and opportunities ahead for Liverpool’s rental market in 2023. If you’re looking for a letting agent in Liverpool, Leaders is one of the UK’s premier estate agents, offering a host of property services with more than 100 branches across the country.
Let’s take a closer look at the factors that are likely to influence the strength of Liverpool’s rental market in the coming years and explore what renters and landlords can expect in terms of rents and demand.
First of all, it’s crucial to examine the city’s property market closely in order to comprehend the rental market’s prospects in Liverpool. The need for rental homes has increased as a result of the recent sharp rise in property values in Liverpool. This rise has also been influenced by the COVID-19 pandemic, as more people are seeking more adaptable living arrangements as a result of shifts in their personal or professional situations.
Liverpool nevertheless, continues to be one of the UK’s most cost-effective towns for renting. In comparison to the UK average of £740, Liverpool’s one-bedroom rent in 2020 was £580 per month. Similar to this, Liverpool’s average rate for a two-bedroom home was £782 per month as opposed to the £920 national average.
By 2023, the renting market in Liverpool is probably going to keep expanding, albeit more slowly than in recent years. Due to the pandemic’s effects on the economy and employment market, many prospective renters are delaying their choices until they have a better understanding of their future financial situation.
However, a number of reasons point to Liverpool’s renting market continuing to be robust. First off, Liverpool is going through a substantial regeneration process. Important projects like the Liverpool Waters project are expected to generate thousands of new employment and strengthen the local economy. This will probably draw more people to the metropolis, raising the demand for renting homes.
Liverpool has a sizable student community due to the presence of numerous prestigious colleges. Since most students need housing, there is a consistent desire for rental homes all year long.
It is a desirable choice for those who want to reside in a metropolis but also have access to the surrounding countryside and coastal regions thanks to its location and transportation options. This makes it an ideal choice for a variety of tenants, including young workers and families.
But it’s absolutely essential to remember that Liverpool’s renting market might experience some difficulties in the years to come. The continuing COVID-19 pandemic and any subsequent lockdowns or limitations may have an effect on the renting market by lowering renter demand or making owners financially vulnerable.
Additionally, the way that new properties are built and authorised may change as a result of the UK government’s intentions to alter the planning system. As a result, there may be fewer new rental homes accessible in Liverpool, increasing rivalry and driving up rents.
Overall, it’s challenging to forecast with precision how strong the renting market will be in Liverpool in 2023. However, given the present trends and distinctive qualities of the city, it appears probable that the market will continue to be comparatively robust, despite a few obstacles to be overcome. Both landlords and tenants should keep abreast of the most recent changes to the Liverpool renting market in order to make educated choices about their housing alternatives.