Rental stock availability up 12.1% annually, with London seeing the biggest surge

The latest research by London lettings and estate agent, Benham and Reeves, has shown that rental stock availability is up 12% year on year across England, with London seeing the largest boost to the number of homes available to prospective tenants.

Benham and Reeves analysed rental market stock availability across each county in England during the first quarter of 2024, before looking at how this level of available stock compares to the same period last year*.

The figures show that there were some 154,510 rental properties available to tenants across England in Q1 of this year, marking a 12.1% increase versus Q1 2023.

In fact, 33 of the nation’s 48 counties have seen an improvement in the volume of homes reaching the market for potential tenants.

London has seen 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, it’s Nottinghamshire that is 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 include 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 have dropped by -17.3% annually, whilst the West Midlands (-11.4%) and Cheshire (-9.7%) have also seen some of the largest reductions.

Director of Benham and Reeves, Marc von Grundherr, commented:

“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.