Rental market update: signs that UK rental market will turn in 2024 🤚
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Rents are reaching the maximum affordable price and rental demand is starting to slow.
There are signs that the UK rental market will turn in 2024 📉
🔹 Average rents for new lets have risen 9.7% since a year ago
🔹 Demand for rental homes is down 11% on last year but still a third higher than the 5-year average
🔹 We expect rents to rise just 5% in 2024 as the market starts to cool
🔹 Rents in London will increase just 2% next year with renters unable to afford any further jump to already sky-high rents
🔹 Rents in regional markets where people can afford a rise to current rents will rise the most next year
🔸 UK rental growth drops to +9.7% = compared to +11.9% growth the year before. Note: current growth is still higher than earnings growth of +7.9% (ONS - September 2023)
🔸 Economic and financial climate reducing rental demand = number of rental enquiries per home for rent is down year-on-year, after peaking in summer 2022
🔸 Asking rents are being reduced to attract Tenants = number of homes reducing asking rent is now at same level as second half of 2020 (when pandemic hit rental demand, supply expanded and rental growth slowed)
🔸 UK rents to rise by +5% in 2024 = rental market will continue to cool in 2024, as demand drops due to lack of affordability
📩 You can read Zoopla's full report by clicking here 📩
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📸 Lisa Dahl-Parsisson, Senior Valuer and Asset Manager at Cavendish Residential 📸
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