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Zoopla UK Rental Market Report – March 2024

Research and Insight March 2024
Top insights
Executive summary
UK rental inflation slows to +7.8%, a 2-year low
Rental demand down 20% year-on-year as one-off pandemic factors ease and the labour market cools
A fifth more homes available for rent than a year ago but current supply still below pre-pandemic average
Rental inflation slows rapidly in London to 5.3% as supply/demand imbalance narrows and affordability pressures hit pace of rent rises
Scotland remains area with fastest annual rental growth at 11.6%
Over half of private rented homes are in £1,000+ per month markets
+ 7.8 %

Annual rental inflation for new lets, UK

20 %

Year-on-year change in rental demand

51%

Rented homes in >£1000pcm markets

"The rental supply/demand imbalance has started to narrow but is far from closed. Rents for new lets will continue to rise over 2024, albeit at a slowing rate. Only a rapid expansion in supply will start to improve affordability for UK renters."

Rental inflation slows fast in London but holds steady elsewhere
Source: Zoopla Research
Source: Zoopla Rental Index (NSA)