The data also reveals that the supply-demand imbalance is still much worse than pre-pandemic levels, showing a need for more rental homes on the market.
The number of available properties is 14% higher than this time last year, but it is still 20% below 2019’s figures. Rightmove states that, based on current demand, around 120,000 more rental properties are needed.
Rightmove calls for more support from the government to encourage landlords to invest in the private rental sector and, in particular, give incentives to make those buying a rental property likely to make the home more energy efficient.
Rightmove property expert Tim Bannister commented: “With 17 enquiries for every available rental property, the market remains out of balance and difficult for tenants. We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market.
“There is an opportunity to encourage landlords to continue to invest in good quality homes, for example, through tax changes, incentives to help with energy-efficient upgrades or a general sentiment change in government towards working alongside and with landlords.”
