Some landlords cutting rents as tenant demand eases a...

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17 October 2023

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By Graham Norwood

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Some landlords cutting rents as tenant demand eases at last

London-focused agency Chestertons says it’s enjoyed a record month for lettings.

This was driven by increasing demand for short-term rentals from business and leisure clients, plus corporate relocations and a strong international student market beginning the academic year.

The agency moved 57 per cent more tenants in September than in August.

Meanwhile rents in the capital have risen 12 per cent.

Richard Davies, the chief operating officer of Chestertons, says: “We moved a record number of tenants in September and the continued competitiveness of the market is shown by the fact that rents have increased by 12 per cent in the past year.

“The number of tenants in the market has now started to decrease as we enter the last few months of the year, and we are already seeing some landlords reducing their asking rents to ensure that their property is not left empty for too long.

“Tenants will be in a slightly better position to negotiate rents over the next few months but, with London’s rental market remaining competitive, we urge tenants to start their search as early as possible in order to get the best deal.”

Demand in London is easing so by the start of October the firm says 25 per cent more landlords were open to negotiating rents than at the start of September.