London’s rental season is gathering pace according to Chestertons’ latest data, which shows 15% more tenants entered the market in March than in February 2023. At the same time, Chestertons’ agents conducted 19% more viewings and handled 13% more offers from tenants.
Despite this increase, Chestertons expects that 2023 will be less competitive for tenants as it currently has 30% more rental properties available compared to March 2022. In addition, there has been a 10% increase in landlords putting their property on the rental market.
Richard Davies, COO of Chestertons, says: “Following a challenging year for tenants last year, during which rents in some areas of the capital increased by over 20%, we are pleased to see a wider choice of rental properties now becoming available.
“We expect this to stabilise rents and some landlords will be prepared to reduce their asking rent in order to secure the right tenant.”
In March, Chestertons registered a 27% year-on-year uplift in tenants agreeing tenancies with landlords. “Areas that were particularly popular among renters in March include Islington and South Kensington but also Canary Wharf and Pimlico, which continue to attract a high number of city professionals,” Davies concludes.
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