The pace of rent growth has slowed sharply, but landlords are not flooding back into the market. Rightmove said the average advertised rent for homes coming to market outside London was unchanged at £1,370 a month in the first quarter, while newly listed rental supply in March was 6 percent lower than a year earlier.
Rent growth cools as landlords price more carefully
Rightmove’s latest data points to a more price-sensitive market than landlords have faced over the past few years. Annual rent growth outside London has slowed to 1.6 percent, the weakest rate since 2018, and the average rental listing now attracts eight enquiries rather than 11 a year ago.
That does not mean pressure has disappeared. Total available stock is still only 3 percent higher than a year earlier and Rightmove said the number of newly listed homes has not surged, despite the countdown to the Renters’ Rights Act on 1 May.
Colleen Babcock, property expert at Rightmove, said landlords need to be realistic on pricing as the market rebalances. Around 26 percent of rental listings are now reduced while advertised, the highest share recorded since Rightmove began tracking the measure in 2012.
Supply remains tight ahead of the Renters’ Rights Act
For landlords, the key point is that weaker rent growth is being driven more by stretched affordability than by any clear improvement in supply. In practice, that means well-presented homes in the right locations should still let, but aggressive asking rents are more likely to produce voids or mid-marketing price cuts.
The latest figures also suggest there has been no last-minute wave of disposals or fresh listings before the new tenancy regime starts. That fits with a market in which many landlords are pausing rather than making big portfolio decisions. Landlord Knowledge recently reported that one in four landlords still planned to sell ahead of the 1 May deadline, but Rightmove’s latest update shows that caution has not translated into a glut of homes to rent.
This follows Landlord Knowledge’s report on landlords preparing for more formal rent challenge rules, which highlighted growing concern about how rent-setting evidence will be tested after the law changes. Rightmove’s figures add another layer to that picture: landlords may still be able to raise rents, but they are doing so in a market where tenants are pushing back harder on price.
There is also a warning here for investors expecting an easier summer. Lower enquiry levels should reduce bidding wars, but they also mean each void period matters more. Rightmove’s rental price tracker suggests the market is settling rather than weakening. For landlords, that is a cue to focus on pricing discipline, presentation and tenant retention rather than assuming automatic rent rises will protect returns.
What this means for landlords
- If you’re reletting this spring: check local comparables closely before setting the asking rent, because overpricing is taking longer to correct.
- If you’re carrying debt: longer letting times can offset the benefit of slower mortgage rate moves, so void control matters as much as headline rent growth.
- Watch for: how local markets react after 1 May, especially where tenants gain more confidence to challenge rent increases.
- If you’re reviewing strategy: a steadier market may reward landlords who improve stock quality and keep reliable tenants rather than chasing top-of-market rents.
- Bottom line: the rental market still favours landlords with good stock, but pricing power is no longer as automatic as it was in the post-pandemic scramble.
Editor’s view
Flat rents are not the same as a healthy rental market. For landlords, the more useful message is that affordability is finally biting hard enough to cap pricing ambition. Those who adapt fastest should still let well, but lazy pricing is starting to get punished.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 16 April 2026
Sources: Rightmove rental price tracker
Related reading: Landlord exodus slows but one in four still selling as RRA deadline looms
