"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 and multiple months' rent upfront."
- Marc von Grundherr - Benham and Reeves
Tenants in London are currently seeing a notable rise in available rental properties, with new listings making up a significant portion of the market.
Analysis by lettings and estate agency Benham and Reeves found that 40% of rental homes currently listed across the capital entered the market within the last 30 days.
The agency reviewed the volume of rental stock available to tenants and identified how many of these properties had been listed recently.
The data reveals that 40,067 rental homes are currently on the market across London. Of these, 16,116 have been listed in the past month, highlighting an influx of new stock for prospective renters.
Certain boroughs lead in new listings
Some boroughs have experienced a sharper increase in new rental stock than others. In both Havering and Waltham Forest, homes listed within the last 30 days account for 55% of total available properties.
Lewisham follows closely, where 54% of all available rentals have recently entered the market. Haringey and Sutton also show strong activity, with recent listings making up 52% and 50% of their respective totals.
Every London borough has seen some increase in rental stock. Even in Kensington and Chelsea, where the figure is lowest, newly listed properties still represent 23% of current availability.
“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," explained Benham and Reeves director Marc von Grundherr. “At the same time, stock availability can be a major issue and we simply can’t bring homes onto the market quickly enough to meet the demand from tenants.
However, he added, "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.”
