Average asking rents ‘hit new record high with 11 inquiries typically per home’

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. We can’t keep seeing double-digit rent rises every year as tenant affordability simply cannot keep up Tim Bannister, Rightmove One of the main contributors to the slowing of rent rises, and the anticipation of a further slowdown in 2024, is an improvement in the balance of supply and demand in the rental market, the website said. Rightmove’s director of property science, Tim Bannister, said: “The trend of rent growth gradually slowing continues, with an improvement in the supply and demand of rental properties having a big contribution to that. “We can’t keep seeing double-digit rent rises every year as tenant affordability simply cannot keep up, and 2024 is the year we think there will be a much smaller increase in advertised rents of 5% outside of London, and 3% in the capital.” Rightmove’s report also quoted agents’ views. “Rent prices slowing this year would benefit these tenants wanting to move.” Peter Lee, director at Redbrik in Sheffield, said: “It’s important that landlords are up to date on the latest market trends and activity in their area so that they can price accurately, and secure the best tenant for the long term, and minimise void periods.”