Rental market update: average property is receiving 25 enquiries! 📢
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
🗝️Key findings from Rightmove's Quarterly Report (July, August and September 2023):
Rents hit 15th consecutive record, as average property receives 25 enquiries...
🔹 Average advertised rents outside London hit a new record for the 15th consecutive quarter, and are now 10%
higher than a year ago at £1,278 per calendar month (PCM)
🔹 The number of enquiries each property is receiving from would-be Tenants has more than tripled to 25 from
eight at this time in 2019:
🔹 The increase in enquiries is driven by the ongoing imbalance between supply and demand, with 41%
more Tenants looking to move than in 2019 and available supply down by 35%
🔹 The supply and demand imbalance is slowly improving from last year, with demand easing by 17% compared
with 2022, while available supply is up by 14% over the same period
🔹 The number of new rental properties coming to market is now 7% higher than at this time last year,
the biggest yearly jump since November 2022
🔹 In such a busy market, Tenants are having to do more to have the best chance of securing a property,
including being flexible on viewing and move-in times, and being ready to move fast with references
📩 To download Rightmove's Q3 report in full, follow this link 📩
To register for Cavendish Residential 'Heads Up Property Alerts' where you can see property listings 48 hours ahead of Rightmove and On The Market, click here👆
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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