Read the latest quarterly Rental Trends Tracker
Headlines from the July report:
Rents hit a new record:
- Average advertised rents outside of London rise to a new quarterly record of £1,314 per calendar month (6.8% increase vs last year).
- London rents have also risen to a new record of £2,661 (3.7% increase vs last year).
- Both in London and outside the capital, the pace of annual rental price growth is slowing from peaks in 2022 of 16% and 12% respectively.
The average rental property receives 17 enquiries:
- The number of enquiries each property is receiving from would-be tenants is now 17 which, whilst down from 26 in 2023, is more than double the 8 at this time in 2019.
- Despite overall rental supply slowly improving from last year (+14%), the number of rental properties available is still 20% below pre-pandemic levels.
- Tenant demand is down 16% compared to last year, however, 22% more tenants are looking to move than in 2019.
There have been some early positive signs from the new government regarding improvements in the rental market for tenants, however, Rightmove suggests more support is needed for landlords to invest in good quality homes for the private rented sector.
For more details, including regional trends in price, yield, supply and demand, read the full report:
The rental market at-a-glance:
“With 17 enquiries for every available rental property, the market remains out of balance and difficult for tenants. We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.
“There is an opportunity to encourage landlords to continue to invest in good quality homes, for example through tax changes, incentives to help with energy-efficient upgrades or a general sentiment change in government towards working alongside and with landlords.
“Landlords have previously told us that the government’s perception of landlords is one of their main concerns about the sector. Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”
Tim Bannister, Rightmove’s property expert
