However there are signs that the pace of rent growth is beginning to ease, as the final quarter’s rise of 0.9% compared with the previous three months is the smallest quarterly increase for two years. This further rise means average rents for newly listed properties rose by 9.7% in 2022 compared with the previous year, which is the second largest year on record for rent growth behind only 2021. ![]() Rightmove predicts national average asking rents for newly available properties will rise a further 5% in 2023 unless there is a significant addition of available homes to rentĪverage asking rents for new tenants outside London rise to another new record of £1,172 per calendar month (pcm).Owing to more properties to rent, competition between tenants for available properties has dropped by 6% compared to this time last year, and a third (33%) compared with September’s peak.The number of people enquiring about a rental property is up by 7% compared with last year and up by 53% compared with pre-pandemic 2019.The number of available homes to rent is up by 13% compared with last year, the biggest annual jump since May 2013, while new properties coming up for rent are up 5%.There are signs that competition between tenants for the homes available to rent is starting to ease as more properties become available, but the imbalance between demand and supply is still very high:.London also reaches a new record asking rent of £2,480 pcm and Inner London rents surpass £3,000 pcm for the first time. ![]()
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