While this projection represents a drop from the record rises seen in 2022 (11%) and 2023 (8%), these rapid rental increases were unsustainable and on-trend growth suggests a more stable and healthy rental market. Zoopla states that the rental market has moved from ‘red-hot’ to still ‘hot’, as rents are increasing and each available rental home attracts 17 enquiries – double the pre-pandemic average in 2017-19.
Zoopla’s data also shows that certain areas are not seeing slowdowns in rental inflation, as rents are rising fastest in accessible suburbs, larger cities, and places where rental properties still offer some value for money.
Liverpool had the fastest-growing rent over a six-month period, rising by over 4% in the first half of 2024. This is up from last year when an increase of just over 3% was registered in H1 2023. Bradford had the next highest growth, with rental inflation around 4% at the end of H1 2024.