Average rents drop for first time since 2019

Great news for tenants: the rental market is finally cooling down.

According to Rightmove, the average advertised rent for properties outside London has dipped by 0.2% to £1,341 per month.

It's the first drop since 2019, and it’s about time!

Why are rents dropping?

So, what’s behind this shift?

Well, there's been an increase in rental properties available, with supply up by a whopping 13% compared to last January.

Meanwhile, demand has taken a tumble, dropping by 16%.

It looks like some folks are opting to stay put rather than face the eye-watering costs of moving.

What the rental market looks like

• Rents in London are still creeping up, with a 0.1% rise to £2,695.
• Newly-listed homes outside London are 4.7% more expensive than last year.
• The north-east saw the biggest jump in supply.
• Wales has seen the smallest increase.

Colleen Babcock from Rightmove says new tenants are still paying more than last year, but the pace of growth is slowing down.

That’s a small win in our book.

On the up

The upcoming renters’ rights bill is also set to improve things for tenants – it’s been labelled a “great win for younger generations and renters”.

It aims to address:

• no-fault evictions
• minimum living standards for rented homes
• landlords’ abilities to increase rent
• tenants being refused because they have kids or claim benefits

Are you struggling with rent and bills?

If you’re finding it hard to keep up with soaring rents and other living costs, then help is available.

Get in touch with your local council to see you can get help from the household support fund.

You could also use our free calculator to check that you’re claiming all the benefits you’re entitled to.

If you can no longer afford your debts, find out how we can help.