London’s PRS sees a surge in available properties

London’s PRS is experiencing a boost in available properties, providing tenants with greater choice and potentially less competition.

According to a study by Benham and Reeves, there are 40,067 rental homes currently listed across the capital.

Of these, 16,116 properties, that’s around 40%, have become available in the past 30 days, indicating a fresh influx of options for renters.

London PRS is competitive

Marc von Grundherr, a director of Benham and Reeves, said: “The London rental market is fiercely competitive and it’s not unusual for us to see properties let before they’ve even reached the market, with multiple tenants fighting it out and offering to pay larger deposits, multiple months rent upfront, or even higher asking rents in order to secure a home.

“At the same time, stock availability can be a major issue, and we simply can’t bring homes onto the market quick enough to meet the demand from tenants.”

The lettings agency says that some boroughs are leading this trend.

Havering and Waltham Forest top the list, with 55% of their rental listings having entered the market within the last month.

Lewisham follows closely with 54%, while Haringey and Sutton report 52% and 50% respectively.

Even Kensington and Chelsea, which has the lowest proportion of new listings, still sees 23% of its rental stock as newly available.

Best times to move

The research shows that the cyclical nature of the rental market also plays a role.

Summer months tend to be quieter, as many tenants have already secured homes for the year, while those planning for the following year often delay their search until autumn.

Benham and Reeves says this current surge in listings could offer a strategic opportunity for renters seeking to secure a property with less pressure.