Rental Demand Remains Strong

Rightmove's latest data shows that on average, each rental property now receives 17 enquiries from prospective tenants. This is a decrease from 26 enquiries a year ago but remains significantly higher than the pre-pandemic average of 8 enquiries in 2019. The demand for rental properties remains elevated, but renters are finding that there’s a little more breathing room compared to the frenzied conditions of last year.

Renters Are Expanding Their Search Areas

One of the biggest changes in renter behavior over the past five years is the expansion of the average search radius. The average area renters are now willing to search in has grown by over 60%, covering more than 100 square kilometers, compared to 40 square kilometers back in 2019.

This trend reflects how renters are broadening their horizons due to the shortage of available homes and the rising cost of rent in their preferred locations. By exploring further afield, renters are finding more affordable options in areas they may not have previously considered. This is particularly noticeable in more rural or suburban areas, where rents are typically lower than in urban centers.

Moving Away from City Living

The impact of the pandemic on where people choose to live is still being felt, particularly in the rental market. During the pandemic, many tenants left cities in search of more space and affordable living in the countryside or coastal regions. Many renters are still opting for homes outside of major urban areas. This trend is being driven by rising rents in cities and the growing desire for better value and living conditions outside city centers.

More Rental Properties Are Needed

While the number of available rental homes has increased by 14% compared to last year, tenant demand is still outpacing supply. The market remains 20% below 2019’s supply levels, and 22% more tenants are searching for properties than in 2019. This imbalance is contributing to the continued rise in rental prices, despite more properties coming onto the market.

According to Rightmove’s insights, an estimated 120,000 additional rental properties are needed to bring the market back to a healthier supply-demand balance. Addressing this gap will be essential to slowing down rental price growth and giving renters more options.

Choose an Agent who Advertises on Rightmove - Like us!

As the UK’s largest property portal, Rightmove is the platform of choice for three-quarters of renters searching for their next home. If you’re a landlord looking to reach the widest pool of prospective tenants, choosing an agent who advertises on Rightmove is crucial. At DB Roberts, we make sure all our rental properties are listed on Rightmove to ensure maximum exposure and give you the best chance of finding the right tenant quickly.

With the market constantly shifting, it’s more important than ever to work with an estate agent who understands these changes. Whether you’re a tenant looking for a new home or a landlord looking to let your property, DB Roberts is here to help you navigate the rental market with ease.

For more information on the rental market and how we can assist you, give us a call today!