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Add PropertyRents drop for first time since before the pandemic – Rightmove
Rents drop for first time since before the pandemic – Rightmove
The average advertised rent of properties coming to market outside of London has fallen this quarter for the first-time since pre-pandemic 2019, dropping by 0.2% to £1,341 per calendar month.
Rents are still 4.7% higher than this time last year, but this quarter’s fall makes it the slowest rate of annual growth since 2021.
These figures come from Rightmove which says average advertised rents in London continue to rise, reaching a 13th consecutive quarterly record of £2,695 per calendar month (pcm), however the increase is only 0.1% this quarter.
Supply in the rental market continues to increase, with the number of available rental properties now 13% higher than at the same time last year, improving the balance of supply and demand.The number of prospective tenants looking to move has also dropped by 16% versus last year, however, the average number of applications per rental property is still in double digits at 10.
Supply has increased the most in the North East, and least in Wales.
There are currently no major signs of the upcoming Renters’ Rights Bill affecting rental market dynamics, however more broadly there is still evidence that some landlords are choosing to leave the market:
The number of new properties coming into the rental market is stable compared with last year, suggesting neither a sudden influx of newly advertised properties, nor a mass exodus of landlords.
On average, 15% of homes for sale were previously for rent in 2024, compared with 13% in 2023. Read the full article at Letting Agent Today
