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Leeds Proves Itself a Hot-Spot for Private Renters

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    In recent years Leeds has become a key market for private renters. The UK average for privately rented households is 16.5%, but in Leeds this is 21%. The population of Leeds is at almost 2 million – 80% of the overall population of West Yorkshire – and has a working age population set to grow faster than the national average.

    All of this signifies an excellent opportunity for buy-to-let investors, but why exactly is the Leeds rental market thriving?

    Key demographics

    The largest group that makes up the private rented sector are young professionals aged between 25 and 35. These are people who are looking for their first home, who want somewhere comfortable yet affordable.

    Leeds has proven itself as a key destination for this demographic who require somewhere with good job prospects, recreational opportunities and a high quality of life. Almost a third of the Leeds population is aged between 20 and 39.

    Growing job opportunities

    Leeds is considered the cultural, commercial, and financial heart of West Yorkshire. There are over 25,000 business in the city with the highest ratio of private to public sector jobs in all UK cities. The 1.9 million-strong workforce – 35% of whom are educated to degree level or above – are attracted to key employers in Leeds, including Sky, Google, and HSBC.

    London is only 2 hours away by train, and the nearby Leeds Bradford and Manchester airports help serve the international markets.

    High student population

    With 40,000 graduates produced by Leeds institutions every year, the city embraces a thriving student population. It boasts ones of the highest concentrations of universities in Europe and has 14 further education colleges, nine higher education institutions and well-respected colleges of art, design and music.

    The continued lack of high-quality housing provided by further and higher education institutions means the majority of students are choosing to privately rent for the duration of their courses.

    Excellent quality of life

    Leeds is the 26th best city in the world for quality of life. With a cost of living far below other major cities in the UK, private renters in Leeds are still able to enjoy everything else the city has to offer.

    The future

    Leeds has a very secure economy: the Leeds City region boasts a GVA of £60.5billion, and during the last global recession the region’s economy grew by 40%. Further investment in the city will see the economy continue to grow and the population increase. The demand for private rentals is therefore only expected to rise.

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