Rental Demand
Oxford has a strong rental market, driven by high housing demand and a limited supply of properties. The city’s rental demand increased by 38% year-on-year, according to SpareRoom.
The imbalance between supply and demand has resulted in intense competition among applicants, with some properties receiving multiple enquiries within hours of being listed. This dynamic means that applicants have to be decisive, finding themselves having to take properties unseen or needing to offer above the asking rent to secure their desired home.
The demand for rental properties in Oxford is fuelled by several factors. Firstly, the city’s high property prices make homeownership challenging, with average house prices over 15 times the average salary in 2022. This dynamic has led to an increase in the number of households renting in the private sector, which rose by almost 14% between 2021 and 2022.
Secondly, Oxford’s status as a desirable location, with its prestigious university and medical institutions, attracts a diverse range of renters, including students, academics, and young professionals. The presence of the university also contributes to the demand for rental properties, as students seek accommodation near campus.
The high rental demand in Oxford has resulted in increased competition among applicants, with properties letting quickly, often on the first viewing. The demand for larger homes and properties with outdoor space has been particularly notable, with some applicants requesting the removal of furniture to create more space.
As of April 2024, the average rent in Oxford is £2,777 per calendar month (PCM). With a monthly, average net salary of £1,946, tenants in Oxford will find themselves spending a significant proportion of their income on rent.
Overall, Oxford’s rental market is characterised by high demand, limited supply, and intense competition among applicants, making it a favourable environment for landlords.
