Rental prices declined across all but one region in England, Wales and Scotland during September, according to data released by Propertymark.
Scotland recorded the largest monthly decrease at 3.4%, bringing average rents to £1,134. The North West followed with a 2.5% decline to £1,109, while London and the South West both dropped 2.1% to £2,415 and £1,256 respectively.
The East Midlands was the sole region to see rents increase, rising 0.1% to £991.
Annual salary requirements rise
Despite monthly decreases, the annual picture shows continued pressure on renters. The typical salary required to secure an average-priced rental property increased in several regions over the year.
Scotland again led annual increases, with salary requirements up 3.4% to £34,020. Regional disparities remain significant, with tenants in the North East requiring a salary of £26,160 compared to £72,450 in London.
Kim Lidbury, President of ARLA Propertymark, said: “The September figures suggest that some of the pressure in the rental market is beginning to ease.”
She added: “While it is encouraging to see rents fall in some of the UK’s most expensive markets this month, affordability remains a significant concern for many renters. The longer-term solution is not simply to focus on rental prices, but to ensure there is a sufficient supply of good-quality homes to meet demand.”
Market implications
The monthly decline follows a period of sustained rental growth that has affected both landlords and tenants. While economic pressures continue to impact the property market, the September data suggests some stabilisation may be occurring.
The figures come as calls for broader housing reform intensify, with industry professionals highlighting the need for increased housing supply to address affordability challenges across both rental and purchase markets.
The monthly rental decreases, while modest, represent the first widespread decline in several months and may indicate a shift in market dynamics as supply and demand factors rebalance across different regions.
