Record Rents: Average Advertised Rents Rise Across the UK
The cost of renting a home outside of London has reached a new high, with average advertised rents reaching £1,278 per month between July and September. This represents a 10% increase in just one year, or a 3.8% increase in the past three months. Rightmove’s Rental Trends Tracker reveals that this is the fifteenth consecutive quarter in which rental prices have hit a new record.
Some areas have seen even larger increases in rental costs. In Luton, Bedfordshire, average asking rents have surged by 23.6% over the past year, now standing at £1,263. Within London, average advertised rents have also increased to a record of £2,627 per month, reflecting a 12.1% increase from the same time last year.
In addition to soaring rental prices, enquiries from potential tenants have more than tripled, with each rental property now receiving an average of 25 inquiries, as compared to only eight in 2019. Rightmove attributes this increase in demand to a significant imbalance between supply and demand, with 41% more tenants looking to move than in the previous year, while the number of available homes has decreased by 35%.
Despite the rental market facing challenges, there are signs that the situation may improve. The total number of properties available to rent has increased by 14% compared to last year, and the number of new properties coming onto the market for rent is 7% higher than at this time last year. Rightmove’s director of property science, Tim Bannister, suggests that if this trend continues, the pace of yearly rent rises may start to slow.
To navigate the competitive rental market, Rightmove offers five tips for prospective tenants:
- Moving quickly to schedule viewings can give you an advantage. Setting up instant property alerts and establishing relationships with local estate agents can help you stay informed about new properties.
- Clearly define your non-negotiables, such as your budget and desired number of rooms. This will help you avoid unnecessary viewings and allow agents to suggest suitable alternatives.
- Flexibility on your move-in date can make you a more attractive tenant. If possible, consider temporary housing options to accommodate the desired move-in date.
- Organization is key. Have your finances and documentation in order early to expedite the tenancy application process. This includes having the deposit ready, securing references, and arranging a guarantor if needed.
- Consider widening your search beyond traditional hotspots. Exploring different areas may uncover more available and affordable properties.
As the rental market continues to experience pressure, many individuals are finding it difficult to afford their first home. High mortgage rates and challenges in saving for a deposit contribute to this issue. A recent report showed that a quarter of new homeowners under 29 have chosen repayment terms of 35 years or more to make monthly payments more manageable.
While the rental market remains competitive, the increase in available properties offers hope for tenants. By staying informed, being prepared, and exploring different options, prospective tenants can increase their chances of finding a suitable rental property.
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