Best Areas to Rent Property in Liverpool – 2024 Guide
Liverpool has become an increasingly attractive location for property investments, particularly in the buy-to-let market. The city offers a diverse range of properties that cater to students, professionals, and families seeking rental accommodation.
Investing in Liverpool allows for strong potential capital growth, driven by the city’s solid infrastructure, cultural offerings, and regeneration projects.
The best areas for property rental in Liverpool are defined by several key factors, including rental yields, property demand, and local amenities.
Areas such as the L1 postcode, encompassing the bustling city centre, stand out for their proximity to universities, shopping centres, and entertainment, making them popular among young professionals and students. For investors, these characteristics translate to a higher likelihood of consistent rental income and property value appreciation.
Benefits of Renting in Liverpool
Liverpool’s rental market offers numerous advantages. First and foremost, the city boasts diverse neighbourhoods to suit different lifestyles and budgets. For instance, the L1 postcode area is known for its central location and strong capital growth potential, with an average rental yield of 6.1%. It’s popular among those who value proximity to amenities and transport links.
Students and professionals might consider the L7 area, which encompasses Kensington, Edge Hill, and Fairfield. These neighbourhoods offer a balance of affordability and accessibility, making them a smart choice for budget-conscious renters seeking good value properties.
For those looking for high rental yields, the L4 district, Anfield, emerges as a lucrative area. The L17 postcode, including areas like St. Michaels, also garners high demand for its desirable properties and community atmosphere.
Below is a summarised list of benefits for renting in Liverpool:
- Affordable Rents: Competitive pricing in various districts.
- Capital Growth: Potential for property value appreciation.
- High Rental Yields: Attractive returns for investors, especially in high-demand postcodes.
- Varied Neighbourhoods: A mix of urban, suburban, and student areas to choose from.
- Cultural Hub: Access to rich history, vibrant music scenes, and famed sporting events.
- Strong Transport Links: Efficient public transport system and connectivity.
Renting in Liverpool caters to a wide audience, from young professionals to families and students, all of whom contribute to a dynamic housing market in this iconic city.
Overview of Liverpool’s Property Market
Liverpool’s property market has been marked by a steady increase in both demand and value, particularly in the buy-to-let sector. Investors have capitalised on the city’s growth and regeneration, making it an attractive location for property investment.
The city centre, especially postcodes like L1 and L3, is experiencing a surge in popularity, bolstered by ongoing regeneration projects and the emergence of high-end residential blocks. These areas are recognised for their high rental demand, yielding positive returns for investors. The Tobacco Warehouse in L3, for instance, represents a wise investment opportunity due to its expected rental income and property value growth potential.
In the vicinity of Anfield and Walton, identified by the postcode L4, the market offers a different appeal with an average property price of £111,493 and an average rental yield of 6.6%. The appeal of Anfield and Walton is clear to property investors.
Furthermore, parts of Liverpool boast some of the highest rental yields, with L7 reaching as high as 9.79% in the previous year. Other postcodes, like L5 and L3, also offer robust returns, with yields of 6.36% and 6.69% respectively.
It is expected that property prices in Liverpool will continue to appreciate, and rental yields will maintain strength. This continued growth underpins Liverpool’s draw for property investors, with a focus on both immediate income and long-term capital growth.
The Liverpool City Centre offers a diverse range of properties catering to varying preferences, from modern flats in the commercial hubs to cultural hotspots near artistic venues.
In Liverpool’s Business District, professionals can find properties that blend convenience with style. The area is known for its selection of contemporary apartments, often featuring state-of-the-art amenities and office spaces within walking distance.
The Baltic Triangle is a cutting-edge area favoured by creatives and young professionals. This area promises a vibrant lifestyle with its trendy cafes, studios, and spacious warehouse conversions. Rental properties here are sought-after for their quirky character and community feel.
Ropewalks is a dynamic quarter known for its bohemian atmosphere. Tenants are attracted to the mix of old and new, where refurbished industrial buildings offer a unique living experience. The area pulses with independent shops, bars, and galleries, making it a lively spot to rent a home.
Albert Dock is a prestigious waterfront location, ideal for those seeking a serene living environment with a historical backdrop. This UNESCO World Heritage site houses luxury apartments with spectacular views of the docks, and is just a stone’s throw away from high-end shopping and dining establishments.
South Liverpool is favoured by many due to its serene parks, reputable schools and vibrant local communities. This region offers a diverse range of properties, from family homes to student accommodations, catering to a variety of needs and lifestyles.
Aigburth is a highly sought-after residential area known for its Victorian terraces and large detached houses. It provides excellent access to Sefton Park and is replete with outstanding educational facilities, making it a perfect location for families and professionals alike.
In Allerton, one can find a blend of traditional and modern living. The area is famous for its busy high street, offering shops, cafes, and bars. Its properties are often characterised by spacious semi-detached and detached homes, appealing to those looking for suburban comfort with urban convenience.
Mossley Hill is noteworthy for its prestigious addresses like Penny Lane, made famous by The Beatles. It boasts grand Edwardian and Victorian houses, coupled with good schools and excellent local amenities, attracting both families and young professionals.
Wavertree Garden Suburb
Wavertree Garden Suburb stands out for its elegant 20th-century architecture and well-planned streets. It is a conservation area that resonates with those who appreciate a tight-knit community atmosphere amid charming residential surroundings.
North Liverpool is an area that combines a rich cultural history with a growing appeal for renters looking for affordability and access to central Liverpool. This part of the city includes a variety of neighbourhoods, each with its unique offerings and characteristics.
Anfield is best known as the home of Liverpool Football Club, creating a vibrant atmosphere on match days. Rental yields are notably high in this area, with an average rental yield of 7.1%, suggesting a strong investment opportunity for buy-to-let landlords.
Walton offers a more residential feel with an array of local parks and schools. It’s particularly appealing for families and professionals alike, facilitated by its closeness to Liverpool city centre and good transport links.
West Derby is distinguished by its historical sites and village atmosphere. It boasts a selection of local amenities and a strong sense of community, making it a desirable location for renters seeking a quieter living environment within the vicinity of the city.
The coastal town of Crosby is known for its scenic beauty, featuring the remarkable Antony Gormley’s ‘Another Place’ art installation. Property in Crosby often attracts those looking for rental homes that offer a balance between seaside serenity and urban convenience.
Popular Residential Areas for Students
Finding the right area to live in can greatly enhance a student’s experience while studying in Liverpool. Proximity to universities, local amenities, and social spaces are top priorities.
Smithdown Road is a vital area for students, boasting a range of affordable housing options. With its convenient transport links to the city centre and universities, students living here benefit from both practicality and a vibrant local scene.
Kensington, just a stone’s throw from the city centre, offers a more budget-friendly accommodation choice for students. The area is known for its multicultural atmosphere, bringing together students from diverse backgrounds.
The Georgian Quarter is renowned for its picturesque streets and historic charm. This area not only provides a stunning backdrop for student life but is also peppered with independent cafes and cultural venues, making it a sought-after location for students desiring a unique living experience.
Liverpool’s rental market boasts a variety of suburbs, each offering unique amenities and attractions suitable for potential tenants. From vibrant retail and dining corridors to serene, historic settings, tenants are spoilt for choice.
Lark Lane Area
Situated in the thriving district of Aigburth, Lark Lane is synonymous with a bohemian atmosphere complemented by an array of independent shops, cafes, and bars. It’s a sought-after locale for young professionals and students who seek a dynamic social scene just a stone’s throw from Sefton Park.
Woolton is a quintessentially English village teeming with charm, characterised by its historic buildings and local community events. Tenants here enjoy a quiet, upscale living experience, enhanced by the suburb’s award-winning eateries and picturesque nature spots.
Childwall exudes a more laid-back vibe, appealing to families and mature tenants. With reputable schools and parks in abundance, it represents suburban living with the convenience of city connections.
Gateacre’s unique selling point is its preservation of history, showcasing an impressive array of listed buildings that echo tales of Liverpool’s past. This suburb is perfect for those who appreciate cultural heritage alongside modern accommodations.
Property Types and Average Rents
In Liverpool, the rental market is diverse, offering various options for prospective tenants. Two-bedroom properties are particularly prevalent, constituting 38.2% of the available housing stock in the city. Two-bed flats also dominate the rental landscape in England overall, representing 38.6% of the market.
Average rents in Liverpool present an affordable choice compared to the broader English market. A typical property rents for approximately £657 per month, which is significantly lower than the English average of £946. This affordability factor makes Liverpool an attractive location for renters.
The following table summarises average rents for different property types in Liverpool:
|Average Rent (pcm)
|Varies by size
Certain areas in Liverpool, such as Kensington Fields, are noteworthy, with available properties like a seven-bedroom student house indicating the city’s appeal to various tenant demographics. Meanwhile, buy-to-let investors find localities such as Anfield, Goodison Park, and Walton advantageous, with the L4 postcode yielding notable returns.
Factors to Consider When Renting
When looking for rental property in Liverpool, several key factors should inform a prospective tenant’s decision:
- Location: One’s lifestyle and needs heavily influence this aspect. For those working in the city centre, areas such as the L1 postcode offer convenience. Students may prefer proximity to universities, such as in the L7 area.
- Rental Yield: Investors should consider areas with higher rental yields. Areas like Anfield, Goodison Park, and Walton, signified by the L4 postcode, have shown promising rental yields.
- Price Points: A balance between affordability and potential return on investment is crucial. Previous data has highlighted areas such as L6 as being attractive due to the relative affordability of properties paired with a strong rental demand.
- Amenities and Transport Links: Accessibility to shops, restaurants, and public transport can significantly affect the rental appeal. For example, Liverpool city centre is a hub with ample amenities and strong transport links.
- Future Development: Considering future infrastructural projects may indicate the potential for capital growth. Up-and-coming areas typically represent good investment opportunities.
|Proximity to work, education, amenities
|Assess the average rental returns of the postcode area
|Affordability vs investment potential
|Quality and accessibility of local services
|Pending projects that could enhance value
Prospects should perform thorough due diligence, taking into account these variables to align their investment with their financial and lifestyle goals.
Rental Process and Legal Requirements
In Liverpool, the rental process involves several legal steps both landlords and tenants must be aware of. Prospective tenants should ensure the landlord or letting agent is reputable and trustworthy. Importantly, landlords in Liverpool may be required to have a selective license especially if renting in specific areas such as the city’s 16 wards.
- Tenants must be provided with a Gas Safety Certificate for the property if relevant.
- An Energy Performance Certificate (EPC) is required, which shows the energy efficiency of the property.
- Deposits must be placed in a Government-authorised tenancy deposit protection scheme.
- Landlords should provide a How to Rent checklist at the start of every tenancy.
- A written tenancy agreement is highly recommended, although not a legal necessity if the rent period is less than three years.
- The rent amount and frequency should be clearly agreed upon.
- Information on how and when to pay rent should be explicit.
Inspections and Maintenance:
- Landlords are responsible for ensuring the property is in a good state of repair.
- They should conduct regular inspections, in agreement with the tenant’s right to privacy.
- Short-term rental landlords should be aware of the specific regulations that apply if the property is rented for up to 6 months in a year and is fully furnished.
Renters should be aware of their rights and responsibilities, including the requirement for certain areas to potentially require a selective license. Similarly, landlords must comply with all legal obligations to provide a safe and well-maintained living environment.
Future Developments and Investments
With the promise of enhancing the appeal of Liverpool as a dynamic hub for living and business, several future developments and investment projects are shaping up. Notably, plans for further regeneration and development are in the pipeline for key areas, including but not limited to the Albert Docks and the Baltic Triangle.
The local government and private investors have demonstrated a commitment to the economic growth of Liverpool. These projects are designed to increase both the demand for housing and the potential for capital growth in the city’s property market.
- Albert Docks: Ongoing revitalisation efforts aimed to preserve historical significance while amplifying commercial and residential opportunities.
- Baltic Triangle: Once an industrial area, now transforming into a trendy neighbourhood, synonymous with innovation and creativity.
The St George’s Quarter and the Knowledge Quarter also see substantial investments, aiming to attract professionals and students alike. For potential investors, these investments carry the prospect of higher rental yields due to the increased influx of residents seeking quality living spaces close to modern amenities and employment opportunities.
The Knowledge Quarter, in particular, stands out as a pivotal area for growth. It remains a focal point for the city’s educational and technology sectors, drawing considerable interest from domestic and international students, as well as tech professionals.
To encapsulate, Liverpool’s landscape of future developments underscores the city’s potential as a prime location for buy-to-let investments, with predictions for sustained demand and property value appreciation.