Rental stock availability has risen by 12% year on year across England, with London experiencing the largest boost to the number of homes available to prospective tenants, research by Benham and Reeves has revealed.
Benham and Reeves analysed rental market stock availability across each county in England during the first quarter of 2024, and how this level of available stock compared to the same period last year.
The figures showed some 154,510 rental properties available to tenants across England in Q1 of this year, marking a 12.1% increase versus Q1 2023.
33 of the 48 counties saw an improvement in the volume of homes reaching the market for potential tenants.
London saw the biggest boost to the level of rental stock currently available, with the City of London seeing an annual increase of 44.3%, while Greater London has seen a 34.7% jump.
Outside of the capital, Nottinghamshire was home to the largest increase in rental market listings, having seen a 28.2% increase versus the same period last year.
Other areas to rank within the top 10 included Northamptonshire (+19.5%), Berkshire (+18.8%), Dorset (+16.5%), Warwickshire (+15.6%), Bristol (+14%), Derbyshire (+13.2%) and Bedfordshire (+13.1%).
However, not all areas have seen an improvement in the level of homes available to tenants.
In Leicestershire, rental market stock levels dropped by 17.3% annually, while the West Midlands (-11.4%) and Cheshire (-9.7%) also saw some of the largest reductions.
Marc von Grundherr, director of Benham and Reeves, said: “The London rental market remains an extremely competitive place and we’re seeing huge demand for homes right from the point they are reaching the market, with tenants falling over themselves to view and apply.
“So a surge in rental stock will be warmly welcomed by those who are still on the hunt, although it’s unlikely to balance the scales.
“As it stands, we’re still seeing some of the lowest rental stock levels that we have had in the last decade and, as a result, we’re receiving an average of 21 applicants per a listing within just 24 hours of a property going live.”
