Rents have fallen in most UK regions, with nine out of 11 areas recording a month-on-month decrease. Scotland saw the most significant drop at 3.4%, while the North West experienced a 2.5% reduction, according to Propertymark's rental price and average salary tracker.
London and the South West also saw rents fall by 2.1%. Kim Lidbury, president of ARLA Propertymark, noted that these falls could offer some relief for renters, suggesting an easing of pressure in the rental market.
Despite these monthly reductions, the overall affordability picture remains mixed. Propertymark warns that a monthly fall in rents does not necessarily translate to improved affordability over the year, citing Scotland as an example where the annual salary required to afford rent increased by 3.4% despite the monthly rent drop.
The industry body is calling on the government to support landlords to remain in the private rented sector and invest in properties. This, alongside increasing housing supply, is seen as crucial for creating a more stable and affordable rental market for tenants.