Tenant demand outstripping supply
Propertymark’s latest research reveals that overall, tenant demand continues to outstrip supply, with around eight new applicants registered for each available property in July 2024.
The average cost of a new rental home in England was 7% higher in August compared to the same time last year. In August 2023, rents sat at £1,347. Over the last month, this had risen to £1,438—a rise of £91 per month, according to Goodlord. Prices in August 2024 remained above the £1,400 threshold for only the second month on record, after the barrier was breached for the first time in July.
According to ONS, the length of void periods is a good indicator of how dynamic the market is. The average void period decreased slightly in July 2024.
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