The UK rental market is facing its most significant drop in available properties since the COVID-19 pandemic, according to the latest report from the Royal Institution of Chartered Surveyors (RICS). The shortage of new rental listings has driven prices upward as demand continues to outstrip supply.
Steep Decline in Rental Listings
RICS data reveals that the number of new rental properties entering the market has fallen sharply, marking the steepest decline since the height of the pandemic. Surveyors report that tenant demand remains strong, exacerbating the imbalance between supply and demand.
Rising Rents Amid Housing Shortage
With fewer properties available, rental prices are climbing across the UK. Many landlords are exiting the market due to regulatory changes and higher mortgage costs, further reducing the pool of available homes. Experts warn that the trend could worsen without intervention.
Regional Variations
While the rental squeeze is a nationwide issue, some regions are feeling the pressure more than others. London and other major cities are particularly affected, with tenants facing fierce competition for limited housing options.
What’s Next for Renters?
RICS suggests that policymakers must address the growing crisis by incentivising landlords and increasing housing stock. Until then, renters should brace for continued price hikes and limited availability in an increasingly competitive market.
