UK Rental Property Availability Up 12.1% Annually

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More Available Properties in Q1 Rental Market According to Research

New research from London lettings and estate agent Benham and Reeves has revealed that more available rental homes are being listed on the market compared to a year ago.

Available rental stock is up 12.1% annually across England, with London seeing the biggest surge in available properties. The data shows that there were 154,510 available rental properties on the market in England in the first quarter.

The study looked at rental market stock in each English country during the first quarter of 2024 to see how available listings compare to last year.

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Which Regions Saw the Biggest Increase?

Benham and Reeves found that 33 of the 48 counties have experienced an increase in the volume of available rental homes on the market.

The area with the most improvement was the capital, showing property investment in London continues to be popular. The City of London had a yearly rise of 44.3%, while Greater London’s available stock expanded by 34.7%. Outside of London, Nottinghamshire saw the biggest jump, with an increase of 28.2% in market listings compared to last year.

As mentioned, most other countries saw an increase, albeit not at the surging rate seen in London. This includes North West areas, for example, Greater Manchester experienced an increase of 9.6% and Merseyside listings rose by 5.5%.

However, some counties registered a drop in available rental homes. Some of the worst-hit areas were Cheshire (-9.7%) and the West Midlands (-11.4%), but the area with the steepest decline was Leicestershire (-17.3%).

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Stock Levels Still Too Low to Match Current High Demand

Despite more listings on the market than last year, stock levels are still low compared to the previous decade and insufficient to keep up with the current soaring demand for rental properties. This suggests a need for greater numbers of rental property investors.

Director of Benham and Reeves Marc von Grundherr said: “The London rental market remains an extremely competitive place, and we’re seeing huge demand for homes right from the point they are reaching the market, with tenants falling over themselves to view and apply.

“As it stands, we’re still seeing some of the lowest rental stock levels that we have had in the last decade, and, as a result, we’re receiving an average of 21 applicants per listing within just 24 hours of a property going live.”

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UK Rental Property Availability Up 12.1% Annually