Rent rises for homes outside the capital have stalled at the start of 2026.
Rightmove reports that the average advertised rent outside London remained at £1,370.
It says this is the first time since 2017 that there has been no rise between the final quarter of one year and the first three months of the next.
The portal says average rents are still 1.6% higher than a year ago, the lowest annual increase recorded since 2018.
Affordability is stretched
Colleen Babcock, a property expert at Rightmove, said: "Rents holding steady this quarter reflects how affordability remains stretched, but also how supply and demand is more balanced.
"With more homes available to rent and less competition between tenants, landlords are needing to position rents correctly for the current market to secure a tenant.
"As market conditions rebalance, homes are taking longer to let."
She added: "The market is more price sensitive, with landlords needing to be realistic from the outset to secure a tenant and reduce the risk of void periods.
"Around 26% of rental listings are now reduced in price while advertised, the highest proportion recorded since Rightmove began tracking this metric in 2012."
Ms Babcock went on to say that landlords are being cautious about the implementation of the Renters' Rights Act, with most focusing on long-term tenancies.
Regional rent rises
In London, advertised rents rose by 0.7% over the quarter to £2,736 a month, although they remain below the record set in Q3 2025.
Inner London saw a 1% quarterly rise to £3,229, while outer London increased by 0.4% to £2,375.
Rightmove's figures indicate that supply is gradually improving and the number of available rental homes is now 3% higher than a year earlier.
This is the strongest level for this point in the year since 2021.
However, newly listed rental properties in March were 6% lower than in the same month in 2025.
That suggests there's no rush of landlords bringing homes to market ahead of the Renters' Rights Act on 1 May.
Lettings activity growing
Chestertons' head of residential, Adam Jennings, said: "Across Q1, we've seen a clear pick‑up in lettings activity, particularly towards the end of March, with a noticeable increase in viewings and agreed lets compared to earlier in the quarter.
"Well‑presented, correctly priced properties are continuing to let quickly, especially in areas where supply remains constrained."
He added: "With the Renters' Rights Act coming into force from 1 May, there has understandably been some uncertainty among landlords.
"However, the strength of demand we saw in late March has provided reassurance, with many landlords continuing to see competitive levels of interest and strong rental values."
Fewer property enquiries
Tenant demand has eased from the extremes of recent years, with the average rental listing now receiving eight enquiries.
A year ago, there were 11 tenant enquiries, and 29 at the 2022 peak and before the pandemic, the average was five.
Across the regions, landlord yields in Q1 2026 ranged from 5.8% in London to 8.2% in the North East.
Great Britain, excluding London, recorded an average yield of 6.5%, up 0.2 points on the year.
The South West saw the strongest annual uplift, rising 0.3 points to 6.2%.
Several towns recorded sharp annual rent rises with Iver in Buckinghamshire leading with a 21.8% jump to £2,893 a month.
Godalming in Surrey increased 19.8% to £2,341, while Truro in Cornwall rose 19.4% to £1,494.
Landlords leaving the PRS
Jeremy Leaf, a north London estate agent and a former RICS residential chairman, told us: "Rental market activity has been in transition for a while now with issues exacerbated – but not necessarily caused – by war in the Middle East.
"We were seeing aspiring first-time buyers trying to take advantage of salaries rising faster than house prices and easing affordability criteria.
"However, worries about the pace of mortgage rate increases in particular have encouraged more to stay put."
He added: "Meanwhile, the choice of property available is dwindling as landlords continue to leave the sector in anticipation of the imminent Renters' Rights Act and taxation changes.
"There’s been a reluctance too for new investors to take their place partly due to uncertainty about the economy.
"The net result is a market 'on hold' with fewer transactions and rents not moving much one way or the other – probably until some stability returns."
Student landlords in 2026
Simon Thompson, the managing director of Accommodation for Students, said: "There's a lot for student landlords to take on board with this Rightmove report.”
He noted that the student market is also feeling the effects of changing tenant behaviour, adding: "Since there are fewer tenant enquiries, we must assume that renters are choosing to stay put, but it's a worry that rents are being lowered to attract tenants."
Mr Thompson said the upcoming Renters' Rights Act is prompting a cautious approach, with both landlords and tenants adopting a wait‑and‑see attitude.
