Zoopla says rental properties are typically letting almost a week faster than a year ago.

It claims that with supply and demand so out of kilter, competition is fierce for rental properties. Such an imbalance has resulted in the rental market moving at its fastest rate since 2016. 

At this present time, rental properties are securing renters, on average, within 15 days of coming to market.

Inner cities are showing the sharpest rise in demand, with Edinburgh registering the highest growth in demand levels since February of this year.

While demand for rental houses outpaced demand for rental flats at the height of the pandemic, demand for both property types is pegging level in another sign of demand in central cities, where flats tend to make up a larger proportion of stock.

The portal forecasts that rental demand will remain higher than usual in the coming months, in line with seasonal trends, and the lower levels of stock will support stronger rental growth through the rest of the year.

These new figures come just a few days after the portal reported something of a renaissance in major cities. 

Monthly rents are averaging £790, up from £752 a year ago. This equates to renters paying an average increase of £456 per year.

At a city level, Manchester, Reading and Leeds have moved from negative to positive rental growth territory, while Wigan and Mansfield are leading the pack of accelerated rental growth – with double digit growth of 10.5 and 10 per cent respectively.

Meanwhile, rental declines in London have bottomed out as demand rebuilds amid the ending of lockdown and the reopening of offices and amenities. While annual rental declines reached a fall of 9.8 per cent in London in February, they recovered to a more modest dip of 3.8 per cent in July.

Zoopla says demand for rental properties rose by 33 per cent in August compared to the same period last year, and is tracking at an extraordinary 79 per cent above the 2017-19 average.