Rents hit record high as demand for rentals remains high

The average advertised rent for new properties on the rental market hits another new national record of £1,278 per calendar month (pcm) outside of London says Rightmove’s latest rental tracker. This is the 15th consecutive quarter that average advertised rents have risen to a new record, with average rents now 10% higher than this time last year.

One of the factors driving rising rents is not enough available rental properties to meet the demand from prospective tenants looking to move. The average rental property across Great Britain is currently receiving 25 enquiries from prospective tenants to letting agents, which is more than triple the eight on average they were receiving in pre-pandemic 2019 and five more than when this figure was last reported in May.

Zoopla’s latest report shows that rents for new lets are up 10.5% over the year and rental inflation has been in double digits over the last three years. Low supply is contributing to the rental growth, however, affordability is a key influence. Rents for new lets are expected to increase by 9% in 2023 then slow to 5-6% in 2024 says Zoopla.

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