Read the latest quarterly Rental Trends Tracker
Headlines from the January report:
First drop in rents since pre-pandemic:
- Average advertised rents outside London fell for the first time since pre-pandemic 2019 to £1,341 per calendar month (down 0.2% vs the previous quarter).
- Rents are still 4.7% higher than this time last year, but this is the slowest rate of growth since 2021.
- London rents hit a 13th consecutive record at £2,695 per calendar month (0.1% increase vs the previous quarter).
Supply continues to improve:
- The number of available rental properties is now 13% higher than at the same time last year,
- The number of prospective tenants looking to move has also dropped by 16% versus last year.
- The average number of applications per rental property is still in double digits at 10.
No major signs of the upcoming Renters’ Rights Bill affecting rental market dynamics:
- The number of new properties coming into the rental market is stable compared with last year, suggesting neither a sudden influx of newly advertised properties, nor a mass exodus of landlords.
For more details, including regional trends in price, yield, supply and demand, read the full report:
The rental market at-a-glance:
“Though this is the big picture of market activity, agents on the ground still tell us that the market is very hot, and some areas have improved more than others when it comes to the supply and demand balance. Our own data shows that the average rental property is still receiving 10 applications per property, which is lower than the peak, but still double the pre-pandemic norm.”
Colleen Babcock, Rightmove’s property expert
Get Renters’ Rights Ready with Rightmove
Watch deep-dive webinars, get your questions answered and learn about what we’re doing to support agents on our dedicated Renters’ Rights Bill page.
