Average advertised rents have hit new records in London and across the rest of Britain, according to the latest Rightmove data.
The platform also warns that the supply of homes to rent has fallen for the first time since 2022.
Rents outside of London rose by 1.9% in the last quarter, to a new record of £1,397.
That’s the highest rise since the third quarter of 2025 and annual rents outside the capital grew by 2.3%, up from 1.6% last quarter.
In London, rents climbed 2% to a record £2,791, the sharpest quarterly rise in the capital since 2023.
Annual rent prices in London rose 2.9%, driven largely by prices in inner London.
Record average rents
Rightmove's property expert, Colleen Babcock, said: "We're seeing new record average rents advertised in both London and Great Britain outside of the capital, however overall, we're seeing rents return to more familiar seasonal patterns and stable growth.
"Even though supply is no longer increasing, the market remains much more balanced than it was at the peak of competition in 2022."
She added: "Regional trends also continue to vary significantly across the country, with more affordable northern areas still seeing some of the strongest rental growth.
"London has seen a notable increase in rents this quarter, and also the largest drop in available rental supply, underlining how local supply and demand dynamics continue to shape rental pricing."
The data also shows that annual wage growth has slowed to 4.4% and tenants in higher-priced areas are becoming more price-conscious as a result.
More tenants enquiring
Rightmove also says that the average rental home is receiving 10 tenant enquiries, down from 11 a year ago and well below the 22 recorded at the height of 2022.
That figure remains above the pre-pandemic average of five enquiries per home, however.
Regional price variation is stark with the North East and North West both recording annual rent growth of 4.1%, compared with 1.5% in the East Midlands and East of England.
London has the tightest balance between supply and demand nationally, with eight enquiries per property on average, while the North West sees the widest mismatch, with 14 enquiries per property.
SpareRoom says room rents up
The news comes as SpareRoom this week also revealed that room rents have hit record highs in six UK regions.
East Anglia has recorded the highest three-year rise in room rents, up 9.9%, followed by the South East at 9.5% and the South West at 9.4%.
The South West also posted the highest year-on-year increase at 1.6%.
In Northern Ireland, they rose by 12% over the three years to the second quarter of 2026 and are up 3.8% year on year.
Rents in Wales have risen 9.3% over the same three-year period.
A director of the firm, Matt Hutchinson, said: "Rising rents across the country have to be addressed.
"Unless real action is taken to protect and expand rental supply, tenants will continue to face higher rents, shrinking choice and even greater pressure in what is an already-stretched market."
Location may bring higher rewards
Simon Thompson, the managing director of Accommodation for Students, said: "Landlords may find that tighter property availability gives well-positioned homes greater pricing power.
"Tenant demand remains strong in many regions so local conditions matter more than the headlines suggest."
He added: "However, higher landlord borrowing costs continue to limit returns for mortgaged investors despite modest recent drops in rates.
"This is the first rent data from Rightmove since the Renters' Rights Act took effect and while there's no market shock, the falling rental supply will undoubtedly become an issue."
