Private rents in Great Britain flatten for first time since 2017

Private rental prices across Great Britain have paused after years of steady increases, as landlords increasingly lower asking rents to attract tenants in a more cautious market.

New figures from property platform Rightmove show that the average advertised rent outside London held steady at £1,370 per month during the first quarter of 2026. This marks the first time since 2017 that rents have failed to rise at the start of the year compared to the previous quarter.

Experts suggest that the slowdown reflects growing pressure on tenants’ finances. Many renters are now reaching the upper limit of what they can afford, forcing landlords to adjust expectations. Around 26% of rental listings saw price reductions while on the market—the highest level recorded since Rightmove began tracking the data in 2012.

At the same time, supply conditions appear to be improving. The number of available rental properties has risen by 3% compared to last year, reaching its highest level for this period since 2021. Combined with softer demand, this has reduced competition among tenants and eased upward pressure on rents.

In London, rents showed modest growth, rising by 0.7% in the first quarter to an average of £2,736 per month. However, this figure remains below the peak levels seen in mid-2025.

Global events have also played a role in shaping the market. The ongoing conflict involving Iran has increased financial uncertainty, contributing to higher borrowing costs for landlords. While this may impact rental prices in the future, it has also driven some relocation demand into high-end areas of the UK rental market.

Looking ahead, attention is turning to regulatory changes. The upcoming Renters’ Rights Act, set to take effect on 1 May 2026, will eliminate “no-fault” evictions under Section 21. Despite concerns from housing groups about a potential surge in evictions before the law is implemented, current data shows no significant increase in rental listings ahead of the deadline.

Overall, the UK rental market appears to be entering a period of stabilization, with affordability constraints and improved supply beginning to rebalance conditions after years of rapid growth.