Nearly 1 in 4 rental listings being reduced in price

Nearly a quarter (24%) of rental properties have had their asking rent reduced during advertising.

According to Rightmove, this is the highest proportion since 2017 - and is largely down to improving supply and falling demand.

In the past year, the number of rental homes available has gone up by 15%

But tenant demand has fallen by 10%.

Figures also show that it now takes an average of 25 days for a property to be marked “let agreed” on Rightmove.

That’s up from 21 days last year.

“Supply and demand is slowly rebalancing towards more normal levels,” said Colleen Babcock of Rightmove.

However, she said there is still “a way to go before we reach pre-2020 levels of available homes for tenants”.

Rents are still going up - just not as fast

Despite the improving balance between supply and demand, average rents are still going up.

Average asking rent outside London has hit a new high of £1,365 per month.

And in the capital, average rents now stand at £2,712 a month - another record.

But the pace of rent increases is finally slowing down. 

As Ms Babcock notes: “Despite another new record in average asking rents for tenants, the big picture is that yearly rent increases continue to slow, which is good news for tenants.”

Are you struggling with rental costs?

If you’re finding it hard to keep up with your rent, then options are available.

Our budget calculator can help you identify where possible savings can be made, so you can prioritise your spending and free up cash for vital expenses.

It’s also worth using our benefits calculator to find out if you’re getting all the state support you might be eligible for.

We’ve also put together some useful money saving tips for people living in rented accommodation.