Rents hit new records with 17 inquiries per property – Rightmove
The market remains ‘out of balance and difficult for tenants’, the website said.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The average rent being asked outside London has hit a new record of £1,314 per month, with each property typically receiving 17 inquiries from prospective tenants, according to a website.
A year ago, the average monthly advertised rent across Britain, excluding London, was £1,231, Rightmove said.
Advertised rents in London have also risen to a record of £2,661, up from £2,567 a year earlier.
We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market
Despite overall rental supply slowly improving from last year, the number of available properties is still below pre-coronavirus pandemic levels, Rightmove said.
Its latest rental figures cover the second quarter of 2024.
Rightmove’s director of property science Tim Bannister said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.
“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.
“Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”
Richard Lane, chief client officer at debt help charity StepChange, said: “Our research shows that many tenants’ financial situations are becoming increasingly precarious – one in three (31%) private renters has used credit to afford their rent in the past year, while one in two (50%) private renters is finding it difficult to keep up with bills and credit commitments.”
He added: “For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt.”