Rightmove says the lettings market has become markedly less overheated, with average tenant enquiries falling to nine per available rental property in the first half of 2026. The portal told investors that the figure has dropped from 10 a year ago and from the peak of 22 seen in 2022, pointing to a market that is still busy but no longer operating at the same extreme imbalance.
The latest update matters because it gives landlords one of the clearest mid-year signals yet that tenant competition is easing from the post-pandemic highs, even while rents continue to rise. Rightmove disclosed the figure in its half-year results, alongside stronger agency retention and revenue growth, suggesting agents are still paying for exposure even as the volume of frantic applicant chasing has cooled.
For landlords, the shift matters now because pricing power is starting to depend more on stock quality, presentation and local affordability than on simple scarcity alone. A market with nine enquiries per property is still supportive, but it is less forgiving if a listing is overpriced, poorly photographed or launched without the right compliance and viewing process in place.
What Rightmove’s update shows about rental demand
Rightmove’s half-year results announcement said average enquiries per available rental property fell from 22 in 2022 to 20 in 2023, 14 in 2024, 10 in 2025 and nine in the first six months of 2026. That is a sharp reset from the fevered conditions many landlords became used to, and it points to a market that is normalising rather than collapsing.
That matters because a softer imbalance can still produce rent growth. Landlords are no longer dealing with the same wall of applicant demand seen two or three years ago, but they are still operating in a market where each listing attracts multiple enquiries. In practice, that is likely to widen the gap between well-located, well-run homes and weaker stock that relied on market heat to carry it.
This follows Landlord Knowledge’s report on HomeLet’s June rental index, which showed average UK rents still climbing and London pulling further ahead. It also sits alongside Landlord Knowledge’s recent coverage of the RICS survey, which found tenant demand still rising against tight landlord supply. Rightmove’s latest data adds a useful counterpoint: rent levels may still be rising, but the scramble for each property is not as intense as it was at the height of the supply squeeze.
Why landlords should not mistake calmer demand for a weak market
The obvious reading is that conditions are becoming more balanced. A more cautious reading is that landlords may need to work harder to protect income as tenants become more selective on price, location and quality. That is especially relevant in areas where supply has improved or where affordability is already stretched.
There is also a practical warning here for landlords heading into the autumn market. If enquiry volumes are easing, void prevention becomes more about execution than momentum. Accurate pricing, fast response times, clean compliance paperwork and realistic expectations on rent reviews are likely to matter more than they did when demand was running at 20-plus enquiries per listing.
Landlords also need to separate national averages from local reality. The Rightmove figure is useful, but it will mask major differences between tighter city markets and areas where tenants have gained more choice. Landlords with marginal stock or ambitious asking rents should not assume last year’s speed of let will still hold.
Rightmove’s wider half-year results also showed continued weakness in new homes activity, with the portal trimming its full-year revenue growth outlook because of lower development volumes. That does not change the rental demand picture directly, but it does reinforce the broader housing market point: supply constraints remain uneven, and that can still feed through into lettings pressure in many areas.
What this means for landlords
- If you’re reletting this summer: benchmark rents carefully rather than assuming the market will absorb any increase.
- Watch for: longer decision times from tenants as more choice returns in some local markets.
- If your property is older or less efficient: presentation and maintenance standards may matter more as applicants become pickier.
- For portfolio planning: track enquiry volumes locally, not just headline national rent growth.
- Bottom line: demand is still healthy, but landlords may need sharper execution to achieve the same results.
Editor’s view
Rightmove’s nine-enquiries figure does not point to a weak market. It points to a more adult one. Landlords can still do well, but the days of relying on raw scarcity to fix weak pricing or poor stock look to be fading.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 03 August 2026
Sources: Rightmove H1 2026 results announcement
Related reading: RICS says June tenant demand rose as landlord supply stayed tight
