Rental Trends Tracker: Q4 2022
Rents hit another record but tenant competition starts to ease
- National average asking rents outside London have hit a record of £1,172 per calendar month (pcm), taking average rent increases for newly listed properties to 9.7% for 2022
- London also reaches a new record asking rent of £2,480 pcm and Inner London rents surpass £3,000 pcm for the first time
- There are signs that competition between tenants for the homes available to rent is starting to ease as more properties become available, but the imbalance between demand and supply is still very high:
- The number of available homes to rent is up by 13% compared with last year, the biggest annual jump since May 2013, while new properties coming up for rent are up 5%
- The number of people enquiring about a rental property is up by 7% compared with last year and up by 53% compared with pre-pandemic 2019
- Owing to more properties to rent, competition between tenants for available properties has dropped by 6% compared to this time last year, and a third (33%) compared with September’s peak
- Rightmove predicts national average asking rents for newly available properties will rise a further 5% in 2023 unless there is a significant addition of available homes to rent
