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Rental Trends Tracker: Q1 2023

Rents rise again to new record but growth continues to slow

  • National average asking rents outside London reach a new record of £1,190 per calendar month (pcm):
    • Average asking rents outside of London for new tenants have now risen for 13 consecutive quarters
    • However, the pace of rent growth continues to slow and has now eased for three quarters in a row
    • Average asking rents in London surpass £2,500 for the first time to reach new record
  • Supply is still very constrained, however it is showing slow signs of improvement this year:
    • The number of available properties to rent is currently 6% higher than last year, and across the first three months of the year has improved by 8% compared with the same period last year
    • However, the number of available properties to rent is still 46% below 2019’s level
  • The gap between supply and demand has narrowed slightly compared to last year, however it is still near record levels with the number of tenants enquiring greatly outweighing the homes available to rent:
    • Competition between tenants has eased by 2% compared with last year, but it is still more than double (+173%) the level it was back in 2019
    • Tenant demand is 4% higher than this time last year, and 48% higher than 2019
    • Terraced Houses have the biggest gap between supply and demand, with more than four times as many tenants enquiring as there are properties of this type available to rent, while flats are finding a tenant the quickest

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