Rental data from the Gumtree online marketplace shows that the market is beginning to shift with the number of new rental listings up 6% year on year, as searches for ‘property to rent’ is also up +14%.
The service suggests this could be indicative of a normalising market and a return to more seasonal trends after post-pandemic volatility, as students search for rental properties in late Summer and families relocate ahead of the start of school.
At the opposite end of the spectrum, listings for flatshares are down 7% year on year. However, replies to those listings are up 11% – the highest figure in the last 12 months – suggesting that whilst there is less choice and more competition for prospective tenants, demand for flatshares remains high, potentially due to cost-of-living pressures.
Analysis also shows that the cost per calendar month for rental listings on the marketplace are rising in line with the general market. The cost for a house to rent is up 7% year on year, as the average cost to rent a flat remains static.
With almost one million searches in the ‘property to rent’ category on Gumtree this year alone, these are the top 10 terms users are searching for in their property hunt:
- Private house to rent
- Flat
- Rent
- House to rent
- House
- Studio flat
- DSS
- Flat to rent
- House for rent
- Studio
A Gumtree spokesperson says: “The high demand for flatshares suggests that many renters may be looking to keep costs down. While the prices for flats and houses have generally leveled out this year, the sheer speed at which properties are let confirms that a good deal or well-priced room is snapped up almost immediately. Tenants need to be ready to move fast in this market.”
