Almost one in six rental transactions in 2023 have been agreed at above the asking rent, compared to less than one in 15 in 2019, according to new analysis from Dataloft.
The situation is most marked in London, where 30% of rentals agreed this year were above the asking price and similar pressures are evident across much of the UK.
In the wider South East, 14% of new rentals were settled above asking rents and more than 10% in 4 other UK regions: East of England; North West; South West and Yorkshire & Humber.
Demand for rental properties has been outpacing supply since the pandemic across most of the UK. Average monthly rents have risen 41% since 2019 - compared to house price growth over the same period of 25%. Source: #Dataloft Rental Market Analytics, Information Works, Land Registry
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