How Landlords View the Current Rental Market in Hull

The rental market in Hull has been a topic of much discussion among landlords, especially as economic conditions, tenant demand, and legislation continue to shift. As a key city in Yorkshire, Hull’s affordability and connectivity make it an appealing location for renters, while landlords are faced with both opportunities and challenges in navigating the current landscape.

So, how do landlords in Hull feel about the rental market today? Let’s break it down.

1. Tenant Demand Remains Strong

Hull continues to be an attractive option for tenants looking for affordable housing compared to larger cities like Leeds or York. Many landlords report high demand for well-maintained rental properties, particularly among:

• Young professionals who want proximity to Hull’s growing job market.

• Students attending the University of Hull, which creates steady demand for HMOs (Houses in Multiple Occupation).

• Families looking for affordable homes with good local schools and amenities.

Landlords in Hull generally find that properties close to transport links, city centre hubs, and major employers are snapped up quickly, often with multiple enquiries within days of being listed.

2. Rental Prices Are Gradually Rising

The current market in Hull has seen a steady rise in rental prices, albeit at a slower rate than other regions. Landlords have noted:

• A slight upward trend: Average rents for two- and three-bedroom homes are increasing, driven by higher demand and rising costs of property maintenance.

• Affordability concerns: Hull’s competitive advantage is its affordability. While rental prices have gone up, landlords are conscious of keeping rents realistic to avoid pricing tenants out of the market.

In comparison to national averages, Hull remains an affordable city for renters, which keeps demand stable but limits how quickly landlords can raise rents.

3. The Cost of Maintenance and Repairs Is Rising

While rental demand is strong, landlords are feeling the pinch when it comes to rising costs of repairs and maintenance. Many landlords point to:

• Inflation: Increased costs for materials, tradespeople, and energy bills have put pressure on property budgets.

• Aging Properties: Hull’s housing stock includes many older homes that require more frequent upkeep and energy efficiency upgrades.

• Legislation Costs: Keeping properties compliant with evolving energy efficiency standards (like the proposed EPC ‘C’ requirements) adds further financial strain.

For landlords, balancing these expenses while keeping rental prices competitive is a key challenge.

4. The Impact of Legislation and Regulation

Landlords across Hull have expressed mixed feelings about the current regulatory landscape, especially as new laws and compliance standards emerge:

• Energy Efficiency: Meeting EPC standards remains a major concern. Many landlords are investing in upgrades like insulation, double glazing, and new heating systems to avoid fines and attract tenants looking for lower energy costs.

• Renters Reform Bill: The proposed changes, including abolishing Section 21 ‘no-fault’ evictions, leave landlords feeling uncertain about future flexibility and control.

• Tenant Fees Act: Landlords understand the restrictions on fees but feel that rising costs of tenant changeovers and property marketing often fall solely on their shoulders.

Keeping up to date with legislation is vital, but many landlords worry about the financial impact of continuous regulatory changes.

5. Void Periods Are Shorter, but Competition Is Increasing

Many Hull landlords report that void periods (the time properties remain empty between tenancies) have reduced significantly. This reflects strong tenant demand, but some landlords are still cautious:

• Competition: With new build developments and renovated properties entering the market, landlords must ensure their properties are well-presented and competitively priced.

• Tenant Retention: Some landlords focus on retaining long-term tenants by offering small upgrades, responsive maintenance, and realistic rents to avoid turnover costs.

A proactive approach to property management helps landlords stand out in a competitive rental market.

6. Student Rentals Remain a Safe Bet

For landlords specialising in student housing, Hull remains a strong market. The University of Hull attracts thousands of students each year, with HMOs and smaller student accommodations performing particularly well:

• Yearly Demand: Student tenancies generally provide predictable, consistent rental income.

• Challenges: Managing student tenancies often requires higher maintenance, regular property checks, and stricter compliance with HMO licensing regulations.

Overall, landlords view student rentals as a reliable way to secure income, especially when properties are located near campus or key bus routes.

7. Outlook for the Hull Rental Market

The overall sentiment among landlords in Hull remains cautiously optimistic. While challenges such as rising costs and regulatory pressures persist, the strong demand for affordable housing, coupled with Hull’s appeal to renters, ensures the rental market remains buoyant.

To succeed in the current climate, landlords are focusing on:

• Keeping properties well-maintained and compliant.

• Offering fair rents that reflect both market conditions and tenant affordability.

• Building strong relationships with tenants to encourage longer tenancies.

Final Thoughts

Hull’s rental market continues to present solid opportunities for landlords, provided they remain adaptable and proactive. While rising costs and regulatory changes pose challenges, strong tenant demand and competitive rental prices mean landlords who invest in their properties and keep up with the market will continue to thrive.

If you’re a landlord in Hull looking to maximise your property’s potential while staying compliant and competitive, now is the perfect time to assess your rental strategy. Whether it’s updating your property, adjusting rents, or managing repairs, staying ahead of the curve is key to success in Hull’s evolving rental market.

Need Help Managing Your Property Portfolio? For professional support with property management, compliance, or tenant sourcing in Hull, get in touch with our expert team today!