Rental Trends Tracker: Q3 2023
Rents hit 15th consecutive record, as average property receives 25 enquiries
- Average advertised rents outside London hit a new record for the 15th consecutive quarter, and are now 10% higher than a year ago at £1,278 per calendar month (pcm)
- Average London rents have also risen to a record of £2,627 pcm, now 12.1% higher than last year
- The number of enquiries each property is receiving from would-be tenants has more than tripled to 25 from eight at this time in 2019:
- The increase in enquiries is driven by the ongoing imbalance between supply and demand, with 41% more tenants looking to move than in 2019 and available supply down by 35%
- The supply and demand imbalance is slowly improving from last year, with demand easing by 17% compared with 2022, while available supply is up by 14% over the same period:
- The number of new rental properties coming to market is now 7% higher than at this time last year, the biggest yearly jump since November 2022
- In such a busy market, tenants are having to do more to have the best chance of securing a property, including being flexible on viewing and move-in times, and being ready to move fast with references
Agents handling 25 rental enquiries for each property versus eight in 2019
- Letting agents are currently managing 25 email and phone enquiries on average for every property they have to let across Great Britain, more than triple the eight on average they were receiving in 2019
- In such a busy market, the new Lead to Keys suite helps to give agents some of their time back
- The number of available properties to rent has dropped by 35% compared to 2019, highlighting the supply and demand imbalance that agents currently have to navigate, though it has improved from last year
- The biggest supply and demand imbalance is for two-bedroom semi-detached houses, with smaller properties to let under more supply and demand pressure than larger properties
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