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May 2024

50,000 rental properties to bring supply back to pre-pandemic levels

50,000 rental properties to bring supply back to pre-pandemic levels

The rental market is still extremely busy, with nearly 50,000 rental properties needed to bring the supply of rental homes back to pre-pandemic levels says Rightmove. The number of available rental properties is 11% higher than last year, but 26% below 2019. The number of people looking for a rental home is 17% lower than last year, but 54% above 2019. The average number of enquiries each home is getting is now 13, down from 19 at this time last year, but still nearly triple the 5 in March 2019.

Inner London rent asking prices are now £3,106 per calendar month an annual change of +2.8%. Average advertised rents in Greater London are now 5.3% higher than last year, with rent growth steadily slowing since the peak of 16.1% in Q3 2022.

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