London renters benefit from surge in rental stock availability

Research by London lettings and estate agent, Benham and Reeves, has shown that London tenants are currently benefiting from a surge in available rental properties, with 40% of all rental properties currently listed to let having entered the market within the last 30 days.

Benham and Reeves analysed current rental market stock, looking at the total number of rental properties available to tenants across the capital and what proportion of these had recently entered the market.

The research shows that there are some 40,067 rental properties currently listed to let across the London rental market. 16,116 of these became available in the last 30 days alone, meaning that 40% of current London rental homes are relatively new to the market.

Havering and Waltham Forest have seen the largest influx of new rental properties become available to tenants, where those properties listed within the last 30 days account for 55% of all available rental homes across both boroughs.

Lewisham has also seen a significant increase in the level of rental stock available to tenants (54%), along with Haringey (52%) and Sutton (50%).

In fact, all London boroughs have seen an uplift in available rental stock and whilst Kensington and Chelsea sits at the bottom of the table, those rental homes to have entered the market in the last 30 days still account for 23% of total available stock.

Director of Benham and Reeves, Marc von Grundherr, commented

“The London rental market is fiercely competitive and it’s not unusual for us to see properties let before they’ve even reached the market, with multiple tenants fighting it out and offering to pay larger deposits, multiple months rent upfront, or even higher asking rents in order to secure a home.

At the same time, stock availability can be a major issue and we simply can’t bring homes onto the market quick enough to meet the demand from tenants.

However, as with any aspect of the market, the London rental sector is cyclical in nature and so it can help to know what time of year is best when starting your search.

For example, the summer months can be far quieter due to the fact that many tenants have made their move for the year ahead already, whilst those looking to next year aren’t likely to start until the autumn months.

What’s more, we’ve seen a considerable surge in the level of stock available across all London boroughs over the last month, so not only are you likely to have less competition, but you should also have more rental properties to choose from.”