Asking rents have hit a record high outside London at £964 per month, driven by record demand from renters, according to new analysis by Rightmove.

The property expert reported that the capital is the only region where rents are falling, down 6.8% in Inner London, while Outer London is up by 0.8%.

Rightmove also revealed that the total rental stock across the UK is up by 20% compared to this time last year.

For available stock, the housing market specialist suggested that potential homebuyers will find strong competition with the data showing this is up by just 2% nationally since last September.

In London, however, available stock has risen by 80% compared to last year. Rightmove said that asking rents have been falling since the beginning of lockdown in the capital, and are now an average £110 per month lower than they were on 23 March.

“Landlords with a large portfolio of studio flats may find they need to accept lower rents than over the past few years,” commented Rightmove commercial director and housing market analyst, Miles Shipside.

“Although let’s not forget that overall rents have gone up by £100 per month outside London and £140 in the capital over the past five years, so those with a longer-term view will still be able to make some good returns.

“It will be the accidental landlords that have one property that need a good agent more than ever, to promote the attractive attributes of their buy-to-lets.

“The rise in demand for properties that have more space and that typically have higher rents is helping push up average rents to new record highs.”

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