Given the extreme supply-demand imbalance, Rightmove suggests that landlords need more support to encourage investment in good-quality rental homes. They also note that the new government has shown early positive signs regarding improvements in the rental sector for tenants.
Rightmove states that normalising the market still needs to be done, and they believe around 120,000 more rental properties are needed to bring rental price growth back to ‘normal’ levels based on current demand.
Rightmove’s Director of Property Science, Tim Bannister, says: “With 17 enquiries for every available rental property, the market remains out of balance and difficult for tenants. We need landlord investment to increase stock and help achieve a healthier supply-and-demand balance in the market. There is an opportunity to encourage landlords to continue to invest in good-quality homes, for example, through tax changes, incentives to help with energy-efficient upgrades or a general sentiment change in government towards working alongside and with landlords.”
