Rents hit new record high as supply issues bite
Rightmove says the average monthly rental figure is now £1,577, 3% up on last year, despite uncertainty in the market.
Rents have reached a new dizzying record of £1,577 per month, new figures from Rightmove reveal.
And the new record means average rents are now 3% higher than at this time last year, the portal says. Tenant demand is cooling but supply is tightening at the same time, which is pushing rents up.
Rising quickest
The number of available homes was 8% higher in August than in 2024, but this was the lowest increase this year. And the figure for homes to rent is still 27% below the levels seen before the Covid pandemic.
Advertised rents are rising quickest in the North West, at 10% higher than a year ago, and slowest in London, where they are now only up 2%.
Unsupported
This news of record rents, comes at a time when one in three landlords say they are considering exiting the market, with two-thirds (66%) feeling unsupported by the government, Rightmove says.
Legislative changes such as new taxation and regulation (68%) topped the list of landlord frustrations, which is driving some to plan on decreasing their property portfolio over the next year.
There are challenges for both tenants and landlords in the current market.”
Colleen Babcock, Head of Partner Marketing at Rightmove, says: “There are challenges for both tenants and landlords in the current market.
“While tenants looking to move have more choice and less competition from other tenants compared with a few years ago, some may still find their options limited with rents at record levels,” she says.
“Meanwhile, landlords are bracing for big legislative changes in the Renters’ Rights Bill, and the rumoured tax changes have added an element of uncertainty heading into the autumn.”
