National average asking rents outside London have hit a new record of £1,231 per calendar month (pcm) data from Rightmove reveals today with tenant demand up by 3% compared to last year.
Average asking rents for new tenants are now over £300 (33%) more than pre-pandemic 2019 and although the annual pace of rent growth is slowing it remains near double-digits.
Meanwhile average asking rents for new tenants in London have reached a record £2,567 pcm.
The average property available to rent is finding a tenant in 17 days and while landlords face multiple market challenges leading some to sell up most are determined to keep good tenants in their homes.
Tim Bannister, Rightmove’s Director of Property Science, says: “Average asking rents for new tenants have risen at a rapid pace since the pandemic.
“This is reflecting the significant increase in demand which is driven by a combination of factors including changed housing needs, such as some space to work from home.
“Landlords are currently having to navigate a multitude of challenges but the data suggests it remains important to build long-term relationships with good tenants, with the majority of tenants choosing to stay in their property for longer than two years.”
Allison Thompson, National Lettings Managing Director of Leaders Romans Group, says: “The themes dominating the lettings market continue to be low supply and high demand.
“There has been an expansion in the number of people looking to rent, rather than landlords selling up en mass.
“Interest rate rises are likely to reverse in early 2024 and in the meantime the almost total absence of voids helps counter increased mortgage costs.”
And Lynne Lancaster, Head of Estate Agency at Penrith Farmers and Kidd’s, adds: “The rental market in Cumbria remains very strong and shows no signs of retracting.
“We’ve listed the same number of properties to rent compared to last year.
The volume of enquiries and number of viewings has also increased by at least 20-30% in some areas.
“Demand continues to well outstrip supply and we are actually seeing more tenants stay put for longer rather than move after the agreed term.”