New insight from Rightmove has revealed the changing behaviours of tenants against the backdrop of record rents and increasing household bills.
A new study among almost 1,300 landlords found that the most common length of tenancy is over two years - with 18% of landlords saying their average length of tenancy has increased over the past year. Only 5% of landlords have seen the average tenancy length decrease.
The latest data from Rightmove’s Quarterly Rental Tracker shows that national asking rents outside London are rising at the fastest rate ever recorded, now standing at £1,088 per month, up 11% on this time last year. It is a similar story in the capital where rents are up over 14% to £2,195pm.
There are also more than triple the number of tenants enquiring than there are rental properties available, making it the most competitive rental market ever. Rightmove said that the lack of available stock is a combination of more tenants staying put in longer tenancies, coupled with high demand from people who didn’t move during the pandemic, or who moved in with friends or family temporarily.