3rd
May 2023
Outside of London asking rents have increased to an average monthly average of £1,190, whereas the capital’s average monthly rent is higher than £2,500, according to a leading online real estate property portal data.
Obvious reasons are ever growing competition between renters trying to find homes and rising energy costs, inflation and interest rates are hitting landlords and tenants alike.
In the first three months this year there were 8 per cent more rental properties than in the same period last year, however it is still 50 per cent lower than the same period in 2019.
A spokesperson for the online portal, said: “We have seen some early signs of improvement on squeezed supply levels this year, though with no significant influx of new properties becoming available to rent currently on the horizon, the mismatch is set to continue for some time.
“Many agents are having to manage a very high volume of tenant enquiries for every property that they let in the current market.”
“Properties in popular areas within an affordable asking rent range of that local area are likely to be snapped up almost immediately, and on average homes are finding a tenant much more quickly than this time in 2019.
“Although there are some early signs that the gap between supply and demand is starting to narrow a little, it will still feel very competitive for tenants trying to secure a home.”
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