Read the latest quarterly Rental Trends Tracker
Headlines from the April report:
- The rental market is still extremely busy, with nearly 50,000 rental properties needed to bring the supply of rental homes back to pre-pandemic levels:
- The number of available rental properties is 11% higher than last year, but 26% below 2019.
- The number of people looking for a rental home is 17% lower than last year, but 54% above 2019.
- The average number of enquiries each home is getting is now 13, down from 19 at this time last year, but still nearly triple the 5 in March 2019.
- The overall number of rental properties being reduced in price is at a five-year high, as more tenants hit their affordability ceiling.
For more details, including regional trends in price, yield, supply and demand, read the full report:
What do these trends mean for you?
“We’re seeing a slowdown in the rate at which rents are increasing, and a slight increase in the time it is taking to let properties in some areas. This may suggest that we are reaching a ceiling of rental affordability.”
“In order to ensure that void periods are kept to a minimum, it is critical that landlords pay close attention to the time it is taking to let properties in their area and take into account both affordability and demand when setting rent levels..”
Christian Balshen, Rightmove’s lettings expert
