Rental market update: signs that UK rental market will turn in 2024 š¤
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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 š
š¹ Average rents for new lets have risen 9.7% since a year ago
š¹ Demand for rental homes is down 11% on last year but still a third higher than the 5-year average
š¹ We expect rents to rise just 5% in 2024 as the market starts to cool
š¹ Rents in London will increase just 2% next year with renters unable to afford any further jump to already sky-high rents
š¹ Rents in regional markets where people can afford a rise to current rents will rise the most next year
šø 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)
šø 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
šø 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)
šø UK rents to rise by +5% in 2024 = rental market will continue to cool in 2024, as demand drops due to lack of affordability
š© You can read Zoopla's full report by clicking here š©
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šø Lisa Dahl-Parsisson, Senior Valuer and Asset Manager at Cavendish Residential šø
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