The average asking rent of a property outside of London has increased to a new record £1,349 a month, new data reveals.
However, it is the smallest increase in asking rents - excluding London - at this time of year since 2020, according to Rightmove.
It said average advertised rents in London also rose - but by just £3, or 0.1% - to a fourteenth consecutive record of £2,698 a month. The advertised rent in London is now 2.5% higher than at this time last year.
Meanwhile, the number of prospective tenants looking to move is 7% lower than at this time last year.
It follows the Renters’ Rights Bill reaching the House of Lords Committee Stage this week.
Christian Balshen, of Rightmove, said: “I don’t expect the Renters’ Rights Bill to have much of an impact on market activity, but there are a lot of wider implications for tenants and landlords.
“The banning of rent in advance for example, may make it more difficult for some types of tenants to secure a home, particularly in high-demand areas.
“Supply and demand in the rental market is really varied at the moment across Britain.
“The number one thing landlords will still want, is a good, reliable, long-term tenant, and there’s likely to be even more emphasis on this once the Bill comes into effect.”
Lord John Bird, Big Issue founder, crossbench peer and Renters Reform Coalition Champion, said: “The rental market remains strong, regardless of the impending arrival of the Renters’ Rights Bill.
“Landlords who are already providing quality accommodation for their tenants have rightly recognised that these reforms leave them little to worry about, and the lucrative income that can be gained from the current rental market remains a clearly attractive proposition.
“The Renters’ Rights Bill must not be watered down at this final stage of scrutiny in the Lords due to unfounded fears of a mass landlord exodus from the market.
“We must rebalance the landlord-tenant scales of power urgently. There can be no more delay to this overdue political promise - that’s why I have tabled an amendment calling for an end to section 21 no-fault evictions on the very same day the Renters’ Rights Bill is passed into law.”
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