The average advertised rent for new properties on the rental market has hit another new national record of £1,278 per calendar month (pcm).

According to figures from the latest Rightmove Rental Tracker, this is the 15th consecutive quarter that average advertised rents have risen to a new record, with average rents now 10% higher than this time last year.

The average advertised rent in London has also risen to a new record of £2,627 pcm, and is now 12.1% higher than last year.

Yesterday, Mortgage Strategy highlighted another report showing spiralling rents in the capital.

One of the factors driving rising rents is not enough available rental properties to meet the demand from prospective tenants looking to move.

The average rental property across the UK is currently receiving 25 enquiries from prospective tenants to letting agents, which is more than triple the eight on average they were receiving in pre-pandemic 2019.

Overall, the number of unique tenants looking to move across the UK is 41% higher than in 2019, while the number of properties available to rent is down by 35%.

Clarkes lettings manager Ria Laitmer says: “The gap between high demand and a severe shortage of rental stock at the moment is just crazy. We’re receiving mounting enquiries for each property to rent from would-be tenants, with queues of tenants arriving to open-house viewings and the majority being left disappointed as there is just not enough properties on the market to meet the demand.”

However the Rightmove survey points out there are signs that the long-lasting imbalance between supply and demand in the rental market is beginning to improve. While demand is still significantly higher than pre-pandemic levels, it has eased by 17% compared to last year.

The total number of available properties to rent is up by 14% compared with 2022, while the number of new properties coming to the market to rent is now 7% higher than at this time last year, the biggest annual jump in new properties to rent since November 2022.

Rightmove’s director of property science Tim Bannister comments: “Record rents and far more tenants looking to move than there are homes available means it will still feel very difficult for many tenants navigating the market. However, there are signs that some of the pressure between supply and demand is beginning to ease, with the number of new rental properties coming to the market now at its highest level since the end of last year.”

“While it is likely that there is some way to go before this filters through to rental prices, if the improving trend between supply and demand continues, we could start to see the pace of yearly rent rises slow more significantly than it has been.”