The average advertised rent of new properties coming onto the market outside of London has risen by 0.6% this quarter to a new record of £1,349 per month, according to the latest Rightmove Rental Trends Tracker.

Despite the rise in average rents, this is the smallest increase across Great Britain excluding London at this time of year since 2020. Average advertised in rents in London also increased by just £3, or 0.1%, to a 14th consecutive record of £2,698pm. The average advertised rent in London is now 2.5% higher than at this time last year.

Rightmove says that these record rents are despite a boost in supply into the rental market, adding that the number of new properties coming into the market in March was 11% ahead of the same period last year, and the overall number of rental homes available is 18% ahead of last year. Meanwhile, the number of prospective tenants looking to move is 7% lower than at this time last year.

An increase in buy-to-let lending is helping to bring more supply into the rental market. The latest snapshot from UK Finance shows that at the start of this year, the number of new buy-to-let loans is up by 32% compared to the start of last year.

Another factor likely helping is a transition from some renters into the first-time buyer market. In the first quarter of 2025, the number of sales being agreed in the typical first-time buyer sector was 7% higher than the same period a year ago, while the number of prospective new first-time buyers getting in touch to move was 5% higher. A rush to move before stamp duty tax rose in England from 1 April, and slightly improved mortgage rates compared with last year, encouraged activity.