The average rental yield in Preston is around 4.4%, which is above the UK average. Depending on the area, this can be even higher, with property in the city centre reaching about 6.4% on average, as per Property Data.
Across the UK, demand is outstripping housing supply, pushing average rents up. Demand has risen so much in Preston in recent years that in 2020, it displayed one of the most rapid rises in average rental costs in the country. According to housesforsaletorent.co.uk, the average rent in Preston now stands at £832 per month.
Preston has a reputation as a friendly and convenient place to live, and its proximity to other major North West cities makes it even more attractive to renters. Preston residents skew a bit older than the average for UK cities, but the local government hopes to attract more young professionals through regeneration and maximising employment opportunities.
One of the main drivers of rental demand in Preston is the sizable student population. The University of Central Lancashire is one of the largest universities in the North West, and its presence has completely changed the local makeup of Preston, transforming it into a bustling student city.