Rents now 9.2% higher than last year says Rightmove

Average advertised rents outside of London rose to a new record of £1,280 per calendar month (pcm) says Rightmove and are now 9.2% higher than last year, although show the lowest annual growth in rents since 2021. The portal is predicting average rents will rise by 5% outside of London in 2024 while the trend of supply improving, and tenant demand easing continues at the start of 2024. The average number of enquiries agents are receiving for every available rental property is currently 11, which whilst still much higher than the four at this time of year in 2019, is down from 14 last year. The market is still very busy compared to pre-pandemic levels. However, these early signs suggest a better experience for many tenants trying to secure a rental property in 2024.