Rents start falling in major cities but annual rent levels still expected to hit +4% 🌆
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Full article from Zoopla here 📩
Rents for new lets have risen by +5.7% over the last 12 months, reaching an average £1,232 per month 💹
🔸 But in the last 6 months, they’ve risen by just +1.6%, the lowest increase seen since 2021
🔸 The heat is coming out of the rental market, mainly as a result of affordability pressures
🔸 Rents have been rising faster than earnings for the past 3 years
🔸 Average data shows the their slowest pace since 2021
🔸 Across the UK, rents are expected to rise by 3-4% in 2024
🔸 This is a significant drop from the increases seen in 2022 (+11%) and 2023 (+8%)
🔸 Supply slowly rising, up +17% in last year
🔸 Looks like we're past the peak rental inflation and the recent boom may be coming to an end
However, the latest drop is from a very high base - the rental market has moved from ‘red-hot’ to still ‘hot’ 🔥
🔹 17 people still chasing every home for rent
🔹 This is double the pre-pandemic average seen between 2017-2019
How much is rent should you be charging in today's market? Contact our expert team for the best advice (hello@cavendishproperty.co.uk) 📧
📸 Scott Sneath, Director of Operations and Finance at Cavendish Residential 📸
📸 Lead image FOR RENT by Cavendish Residential: Three double bedroom duplex apartment close to the Nottingham Playhouse Theatre | Monthly £1,450 📸
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