Rental Trends Tracker: Q2 2023

Asking rents hit new record and now a third higher than pre-pandemic

• National average asking rents outside London hit new record of £1,231 per calendar month (pcm):
  • Average asking rents for new tenants are now over £300 (33%) more than pre-pandemic 2019
  • The annual pace of rent growth is slowing slightly, however it remains near double-digits
  • Average asking rents for new tenants in London also reach new record of £2,567 pcm
• Homes are continuing to let at speed, with the current time to find a tenant at its quickest since last November despite a slight easing in the gap between demand and supply:
  • The average property available to rent is finding a tenant in 17 days
  • Tenant demand is up by 3% compared to last year, however available properties to rent are up by 7%
• Landlords currently face multiple market challenges leading some to sell up, however they are determined to keep good tenants in their homes:
  • Landlords are most concerned about government sentiment towards the industry (48%), rising taxation (41%) and increasing compliance requirements (33%)
  • 16% of properties for sale were previously on the rental market, up from 13% in January 2019
  • The majority (57%) of landlords are keeping tenants in their properties for longer than 24 months

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