RENTS CLIMB 8.5%

AVERAGE RENTS CLIMB 8.5% IN A YEAR

In this blog we look at some statistics shown by Rightmove on how the rental market is currently doing as of May 2024!

In London, the current average monthly rent has risen to £2,633 a month, the number of rental properties available has improved by 11% compared to 2023, however there is still 15% fewer rental homes available compared to 2019 pre pandemic, with a 54% increase since 2019 in tenants looking to rent.

We are still 50,000 properties behind the pre-pandemic market, which is a reminder that we need more good quality rental homes, so landlords must be encouraged to provide them.

There is currently an average of 13 enquiries per property this year when advertised for rent, three times more enquiries then seen pre pandemic, keeping rents rising further.

The main area we cover is South East England, where the average monthly rent here is at £1,803 per month, with a 7.6% annual change, while the south west is sitting at a £1,390 per month average, with a 7.5% annual change.

Oxford has been named the most expensive city to rent outside of London, with an average of £1,561 per month.

How can tenants prepare to rent in this market?

In a busy market, you need to be in a position to proceed quickly to find your next suitable home.

Some tips include:

1.    View as soon as possible.

2.    Lay out your budget, desired size, location and tenancy length you need.

3.    Be open to different move in dates, which can give the landlord more flexibility.

4.    Have your references and documentation ready to go.

5.    Expand your search where possible