Encouraging signs of ‘normalisation’ in the rental market

Phil Cooper reports that the market is ‘less frenzied’ than it has been for the past year or two, which is good news for renters (Image: Getty Images)

Phil Cooper, lettings partner at Arnolds Keys, see positive signs that the rental market is rebalancing.

For many months now, we have been reporting a significant mismatch between supply and demand in the residential lettings market, with many applicants for each property coming to the market – with the result that rents have been rising at an accelerated rate.

That might be good news for landlords in the short-term, but it is actually in everybody’s interests that the market becomes more balanced. Fortunately, there are early signs that his is now starting to happen.

Eastern Daily Press: Phil Cooper, lettings partner at Arnolds Keys

Phil Cooper, lettings partner at Arnolds Keys (Image: Arnolds Keys)

A new report published this week suggests that the rental market is starting to ‘normalise’ thanks to the improved availability of rental properties. Rightmove also reports that the number of available homes to rent in the last quarter of 2022 was up by 13pc, with the number of new properties available to let up by 5pc year-on-year.

Our own experience backs that up: we are indeed starting to see a better supply of properties, although still not enough to match the demand from potential tenants. We are appraising more properties now than for many months, and while there are still plenty of applicants, the situation is rather less frenzied than it has been for the past year or two.

There are several factors driving this, the most important of which is that the residential

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