Chestertons’ latest data reveals that tenants are increasingly choosing to move rather than renew an existing tenancy in order to find a home that better suits their needs or budget now that there is more choice in the market.
The October data shows that 26% fewer tenants chose to renew their existing rental agreement compared to September in a bid to find a better deal, while the number of properties available to rent is currently 45% higher than October last year.
Landlords are increasingly having to reduce their rental expectations in order to secure a tenant, with Chestertons recording 9% more landlords opting to lower their asking rent in October.
Richard Davies, CCO of Chestertons says: “Due to the intensely competitive post-covid rental market last year, many London tenants found themselves paying out more than they wanted to. Now, with the rental market shifting slightly in tenants’ favour and more properties to choose from, we are seeing more tenants taking the opportunity to move somewhere that better suits their needs or represents better value for money.”