Summary
Since 2011 Rightmove has published its quarterly Rental Trends Tracker, which measures asking rents from properties coming onto the market via its website.
For two years prior to this Rightmove produced its Consumer Rental Forecast, featuring the results of a survey of around 5,000 tenants and potential tenants. This looked at the supply and demand within the rental market but did not include figures on average rents.
Data
The average asking rent nationally and regionally is provided as well as the quarterly and annual rate of change. The Rental Trends Tracker also includes the top five highest growth and in-demand local areas, both outside and inside Greater London. The figures for these local areas are based on the average asking rent of a two-bedroom property.
Method
The information is based on asking rents from around 300,000 properties each quarter. All short lets are removed.
Advantages
- With around 300,000 rents involved it offers a comprehensive UK wide and regional look at latest average rents.
- The quarterly and annual rate of change gives a good indication of latest pricing trends.
- The more local information gives a useful guide to the best performing areas.
Disadvantages
- As it is produced quarterly the information can be out of date compared to monthly indices.
- The local information is restricted to a small number of areas.
Verdict
The focus on asking rents in a report that is released only quarterly is a missed opportunity. Asking rents offer an up to date look at current pricing trends and should ideally be released far more frequently, preferably monthly.
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