Average asking rents have hit new record highs, says Rightmove

Average asking rents for new tenants have risen at a rapid pace, according to the property website.

Vicky Shaw
Friday 21 July 2023 00:01 BST
The average asking rent for a typical home outside London is a third higher than during the same period in 2019, according to Rightmove (PA)
The average asking rent for a typical home outside London is a third higher than during the same period in 2019, according to Rightmove (PA)

The average rent being asked outside London has hit a new record of £1,231 per month, according to a property website.

Average asking rents for new tenants in London also reached a new record of £2,567 per month, Rightmove said.

The asking rent figures, covering Britain, are for the second quarter of this year. Rightmove’s rental data goes back to 2011.

It added that the average property available to rent is finding a tenant in 17 days, the quickest time period it has recorded since November 2022.

The average asking rent for a typical home outside London is a third (33%) higher than during the same period in 2019, increasing by £308 from £923 per month.

London rents are 28% (£559 per month) higher than they were at the same time in 2019.

In signs that some landlords are selling up, 16% of properties currently for sale were previously available on the rental market, a figure which is up from 13% in January 2019, Rightmove said.

Rightmove’s director of property science Tim Bannister said: “Average asking rents for new tenants have risen at a rapid pace since the pandemic, reflecting the significant increase in demand, which is driven by a combination of factors including changed housing needs, such as some space to work from home.”

Allison Thompson, national lettings managing director of Leaders Romans Group, said: “Some highly leveraged landlords are considering selling due to interest rate rises but we find most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction.”

Lynne Lancaster, head of estate agency at Penrith Farmers and Kidd’s, said: “Demand continues to well outstrip supply and we are actually seeing more tenants stay put for longer rather than move after the agreed term.”

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