As agents, we are often asked by many landlords and tenants alike ‘what’s the market doing?’. This isn’t always and easy question to answer, however with the recent statistics published by Rightmove, we can hopefully shed some light on the market for both landlords and tenants.
Although we’ve seen a rise in rents, much of this growth occurred during the frenetic pandemic years of 2021 and 2022. Since 2023, yearly rent rises have been gradually slowing. The slowing of rent growth has been largely due to the improving balance between supply and demand.
We’re currently seeing the best balance between supply and demand in the rental market since 2020, as the market continues to recalibrate after the pandemic years. The total number of available rental listings is up 11% in 2025 to date, versus the same period in 2024. While new listings are up 6% versus the same period in 2024, 9% versus 2023, and 11% versus 2022.
Another way to assess overall demand for rental properties is by looking at the number of enquiries per available property. Across the board, statistics show that tenant competition to secure rental properties has slowed since a peak of more than 20 enquiries per property in 2022 and 2023. Competition still remains higher in 2025 to date than in the pre-pandemic years. A reflection of the new normal in the lettings market.
Yet despite this increase in supply and with still a large demand for rental properties, we are also seeing the price of rentals take a small dip. In 2025 so far, an average of 24% of rental listings have had their price reduced. That’s the highest proportion of rental properties reduced in this decade. This is due in part to increased costs across the board, with wage increases being unable to keep up. In fact, 66% of tenants believe that there is less on the market that they can afford now than there was the last time they searched for a property to rent. So if you’re a landlord with a property, you may need to price your property more tactfully to ensure you reach a wider audience of tenants, to secure a let in a suitable timescale.
At Hull Gregson Hull, we have been speaking to a multitude of landlords about their properties and their current market value. We have tried to ensure that landlords secure the best possible price for their property, whilst ensuring that the tenants who move in can afford the rent and will not lead to a high turn over of tenants. Statistically it’s shown that 45% of landlords across the UK have experienced rental arrears. This is no doubt a concern for many landlords, however at Hull Gregson Hull we ensure that rent’s are paid in full and on time.
If you’re a landlord who is struggling to keep on top of the current market, or are perhaps looking for an agent to give you some advice on the value of your home, contact our team today
