Average rents rise to new record of £1,280 per month, but growth predicted to slow down this year 🔮
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Record rents but Tenant affordability ceiling leads to lowest growth since 2019, data from Rightmove as follows:
🔹 Average advertised rents rise to a new record of £1,280 per calendar month!
🔹That's almost 10% more than this time last year
🔹 However, the pace of rent growth is slowing as Rightmove predicts rents will rise by 5% in 2024
🔹 Trend of supply improving and Tenant demand easing continues (
🔹 Rental properties 7% up whilst Tenant enquiries -13% lower than this time last year
🔹This time last year we had 14 people to 1 property, now it's 11
📩 Download full report from Rightmove here 📩
This table from Zoopla shows average rents in regions across the UK and how much they have changed in the last year:
What factors influence rental prices?
🔹 Supply and demand
🔹 Earnings growth
🔹 Mortgage rates
📢 So, what's next for the rental market? Past the peak, expecting a slow down due to worsening affordability which will keep demand in check
For more information, you can read Zoopla's latest Rental Market Report for more insight.
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