Read our latest quarterly Rental Trends Tracker
Headlines from our January update:
- Average advertised rents reach a new record high.
- The pace of rent increases slowed with the smallest quarterly increase (0.2%) since 2019.
- The number of new rental properties coming onto the market is 7% higher than last year.
- There are signs that tenants are hitting an affordability ceiling:
- Nearly a quarter (23%) of rental properties saw a reduction in advertised rent.
- Compared with 16% at this time last year.
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 more evidence that many tenants are reaching the point where they can’t afford to pay any more in rent, leading to reductions in advertised rental prices.”
“To reduce the risk of void periods, landlords will need to lean into the expertise of local letting agents to make sure their pricing strategy is right for the local area.”
Christian Balshen, Rightmove’s lettings expert
How long did you wait for your last tenant reference?
Did you have to chase it?
Did you speak to someone on the phone?
Why not try Rightmove?
Get your reference back in an average of 2.4 days.*
And if you need to speak to someone, the average call waiting time is 15 seconds.**
Learn more about Rightmove’s tenant referencing
*Rightmove Landlord and Tenant Services, average reference turnaround time, January to December 2023. **Rightmove Landlord and Tenant Services, average call waiting time, January to December 2023.
