National News

Rents hit new records with 17 inquiries per property

23/07/2024

That’s according to Rightmove

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.

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.”

Published: 23/07/2024 by Radio NewsHub

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