Rental stock availability in England has seen a notable increase of 12% year on year, as revealed by research conducted by Benham and Reeves. The analysis focused on rental market stock across each county in England during the first quarter of 2024, comparing it to the same period last year.

The findings indicate a total of 154,510 rental properties available to tenants across England in Q1 of this year, marking a 12.1% increase compared to Q1 2023. Of the 48 counties examined, 33 experienced an improvement in the volume of homes reaching the market for potential tenants.

London emerged as the region with the most significant boost in rental stock availability. The City of London saw an annual increase of 44.3%, while Greater London experienced a 34.7% jump.

Beyond the capital, Nottinghamshire saw the largest increase in rental market listings, with a rise of 28.2% compared to the same period last year. Other notable areas within the top 10 included Northamptonshire (+19.5%), Berkshire (+18.8%), Dorset (+16.5%), Warwickshire (+15.6%), Bristol (+14%), Derbyshire (+13.2%), and Bedfordshire (+13.1%).

However, certain areas witnessed a decline in the level of homes available to tenants. Leicestershire experienced a drop of 17.3% annually, while the West Midlands (-11.4%) and Cheshire (-9.7%) also saw significant reductions.

Marc von Grundherr, director of Benham and Reeves, commented on the findings, stating: “The London rental market remains an extremely competitive place and we’re seeing huge demand for homes right from the point they are reaching the market, with tenants falling over themselves to view and apply.” He noted that while a surge in rental stock is positive news for those in search of accommodation, challenges persist. Grundherr emphasized that despite the increase, rental stock levels remain among the lowest in the last decade, with high demand evidenced by an average of 21 applicants per listing within 24 hours of a property being listed.