The latest data shows that while rents continue to climb, growth is starting to slow down.
According to Nicky Stevenson, managing director of lettings agency brand Fine & Country, renter affordability is increasingly stretched with many tenants having to be more flexible when it comes to location, with many extending their search to beyond their desired city.
“Despite rental prices climbing for the last 13 consecutive quarters, according to Rightmove the pace of asking rent growth is slowing and has softened for three quarters in a row” says Stevenson.
“Average prime market rents continue to grow in all regions of England and Wales, with the average prime market rent at £3,798, up 15 per cent year-on-year.
“Although supply remains an issue, there are signs of improvement, with the number of available properties to rent six per cent higher than last year, although 46 per cent below 2019 levels.
“The lack of stock is being felt countrywide, with TwentyCi reporting that all regions aside from Inner London have less than 1.5 months of available stock. Although interest rates below four per cent are now available for Buy To Let landlords, increased regulations remain concerning for landlords.”
Stevenson notes that renter affordability is becoming increasingly strained, as growth in private rental prices continues and inflation remains stubbornly high.