Recent data from the property portal Zoopla shows that the imbalance between the supply and demand of private rented housing in the UK is narrowing, but is ‘far from closed’.
According to Zoopla’s rental market report for March 2024, the average letting agent is currently listing 12 homes for rent, a fifth higher than the previous year. At the same time, demand for rented homes has cooled in the last year, falling by a fifth. There are currently 15 enquiries for every listed home, which is significantly lower than in 2021, when there were over 40 per property.
RICS also noted a slowdown in tenant demand in their UK residential market survey for March 2024, when compared to previous months.
However, the market has certainly not returned to pre-pandemic levels in the UK, with RICS reporting that the supply of rental properties becoming available remains restricted. Indeed, according to Zoopla, 28% fewer homes have been listed for rent on average since 2020, while the number of enquiries per property is still double the rate before the pandemic.
Other data from Barclays indicates that some renters feel that they’re ‘losing out because demand is outpacing supply’, with 22% stating that there is too much competition for rental properties in their area.
