Tenant demand rose again in April while landlord instructions stayed negative, according to the latest RICS UK Residential Market Survey, pointing to more rent pressure as the market moved further into the first month after the Renters’ Rights Act came into force.
RICS survey shows rental supply still tightening
RICS said tenant demand came in at a net balance of +14 percent in April, while landlord instructions stayed at -17 percent. A net balance of +25 percent of respondents also expect rents to rise over the next three months.
For landlords, that matters for two reasons. First, demand is still there even after the April rule changes. Second, supply is not recovering fast enough to take real heat out of the market. That keeps pricing power in place, but it also raises the risk of sharper affordability pressure and more political scrutiny if rent growth firms again through the summer.
The latest reading builds on Landlord Knowledge’s earlier report on the March RICS survey, which showed weak buyer demand still feeding pressure into the rental market. It also fits with earlier Foxtons data on London lettings, where supply held up but applicant activity stayed firm. The official RICS Residential Market Survey shows the same rental squeeze is still in place nationally.
Sales market weakness is still feeding rental demand
The same RICS survey showed new buyer enquiries remained deeply negative at -34 percent and agreed sales at -36 percent. House price sentiment also weakened, especially in southern England and London. In plain terms, more would-be buyers are still finding the sales market hard going, which leaves part of that demand sitting in the private rented sector for longer.
This follows Landlord Knowledge’s May report on the widening north-south pricing divide, which found affordability pressures were already shaping where deals were getting done. The latest RICS figures suggest that pattern is still feeding through into lettings as renters delay buying decisions.
There is a warning in that for landlords. Strong demand is good for occupancy, but it does not mean every market is equally easy. RICS said price pressure is heaviest in southern regions, while the sales backdrop remains weaker there too. Landlords in higher-cost areas may still need to price with care if tenants become more selective.
What this means for landlords
- If you’re reviewing rents: local supply still matters more than national headlines, so check competing stock before pushing for aggressive increases.
- Watch for: signs that affordability caps demand in London and the South even while overall supply stays tight.
- If you’re buying: a weaker sales market may improve purchase flexibility, but the rental case still rests on realistic yields and cash flow.
- Bottom line: April’s data still points to a tight rental market, not a post-RRA collapse in demand.
Editor’s view
Landlords do not need another lecture on supply and demand – they need a market that works. Right now the RICS numbers show demand is holding up better than supply, which means rent pressure is unlikely to fade quickly even after the biggest rule change in a generation.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 20 May 2026
Sources: RICS UK Residential Market Survey
Related reading: RICS: weak sales market keeps pressure on rentals
