The most current Barrows and Forrester Rental Demand Index has revealed that Cornwall is the most sought-after rental market in England, having the highest tenant demand and the most available stock already let.

The Rental Demand Index assesses tenant demand for rental properties across England's counties based on the percentage of rental stock available that has been marked as let agreed, providing key insights into the state of the rental market.

The Q1 outcomes demonstrate that tenants have taken up 36% of all rental market stock, resulting in a 1.9% increase from the previous quarter. However, despite this, the percentage remains 2.1% lower than last year, indicating a decline in the rental market's overall performance.

Cornwall leads the table as the most in-demand rental market, with 64% of its available rental stock already let, followed by West Sussex at 60%. Bedfordshire, Dorset, and Wiltshire making up the top five, each with 56% and 55%, respectively.

Cornwall experienced the most significant quarterly increase in demand, with a 26% surge in rental properties let in Q1 compared to Q4 2022, indicating a highly competitive and dynamic rental market.

Rutland, Bristol, East Sussex, and Greater Manchester have also experienced significant quarterly increases of 15%, 12%, 11%, and 9%, respectively, while Bedfordshire has seen the most extensive demand surge on an annual basis, at 5.3%.

However, the West Midlands currently has the lowest rental demand, with a measly 19%, while Durham has witnessed the most substantial quarterly decline at -10.6%, and Herefordshire has experienced the most extensive annual drop at -12.8%.

James Forrester, the managing director of Barrows and Forrester, highlighted that "While rental demand has crept up in Q1, the market as a whole isn’t quite as hot as it was this time last year, which means tenants looking for a property in the current rental market should find it that little bit easier.

"Of course, in some areas demand remains incredibly high, while in others it has increased substantially both on a quarterly and annual basis. The upshot for tenants in these high demand areas is a far tougher time securing a rental home and when they do, they can expect to pay an inflated level of rent for the pleasure.

"Unfortunately, with the Government once again choosing to ignore buy-to-let landlords in the recent spring statement, the issue of rental stock supply is only likely to get worse as the year progresses.

"So those considering a move within the rental market are best advised to act sooner, rather than later, before demand starts to soar and their options are substantially reduced."