Good News For Prospective Tenants In Rental Report 

The latest report from Rightmove on the rental market offers some good news for prospective tenants, with changes to the average prices, number of homes on the market and the number of tenants searching for a property all changing.

Keep reading to find out what the latest data from the lettings market means for you if you are searching for a new property to rent. 

The average rent has fallen by 0.2% 

For the first time since 2019, the average advertised rent on properties outside London has fallen by 0.2%. This is a positive sign for renters that the continual increases we have seen over the last few years have reached their peak and are slowly starting to decrease. If you have been holding off looking for your next property to rent, this could be the sign you have been looking for that now is the right time to make a move. 

The number of tenants looking to move has dropped 

During the last 12 months, the number of tenants looking to move has dropped by 16%. Although the number of applicants per property is still sitting in double figures, at around 10 per property, the decrease in the percentage of applicants looking to move means less competition. This will hopefully result in less stress for people who are searching for their next property to rent out, and overall a more positive lettings experience.  

The number of available rental properties has increased 

Alongside prices decreasing slightly and the number of people searching for new properties to let dropping, the number of properties available to let has increased by 13% compared to this time last year. In connection with the percentage of people looking to move falling, this should further ease some of the pressure on tenants when searching for a new property to let.  

Having more rental properties on the market also means that potential tenants will have more choices when searching for their next home. 

Starting the search for a property to rent? Get in touch with our lettings team and let us help you find your perfect next step. Call us on 01274 876863 to register with us, or click here to see the properties we currently have available to let.

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