Coventry has made it into the top five best cities for landlords to invest in for 2024.

The city came third in the list behind Bristol and Manchester and ahead of Brighton and London.

The league table was drawn up by Aldermore in its Buy-to-Let City Tracker.

It analysed five key indicators that impact buy to let desirability: average total rent; the best short-term returns through yield; long-term return through house price growth over the past decade; the lowest number of vacancies as a proportion of total housing stock; and the percentage of the city population in the rental market.

Coventry had an overall score of 68 and jumped up seven places from 10th in the table in 2021.

The findings showed the average rent per room in Coventry was £479 and the average property would have an annual rent of £15,520 representing a yield of 6.5%.

The long term return showed house prices in Coventry were £138,643 in 2010 and had seen an average annual change in prices of 5.6%.

Sheldon Bosley Knight’s Coventry lettings administration manager, Meredith Redman said: “Coventry is so highly placed due to many factors. It has great transport links to London and Birmingham making it an excellent to commute for work whilst retaining a lower average house price than neighbouring cities.

“The average purchase price of a property in Coventry is £241,522 compared to Birmingham which is £268,987 saving investors over £25,000 on average whilst the yield and rental valuation are on average higher.  

“It is home to both Coventry University placed 46th in the Guardian University Rankings and to Warwick University which is placed ninth in the rankings, ensuring a big demand for student housing.

“It is also the home of global businesses such as Jaguar Land Rover and TATA driving the economic growth of the city and allowing more opportunities for investors in the future.

“We have huge demand for rentals and would welcome any landlord speaking to us about how they can grow their portfolio in Coventry. Please do give us a call or pop into our office and find out how we can help.”