Renters have faced a “red-hot” market in recent years, with a host of prospective tenants chasing each available property, and rents surging on the back of the high demand. Demand is nearly a third higher than before the pandemic.
It led some applicants to offer months of rent upfront or to write CV-style letters to agents to try to get ahead of the competition.
Zoopla said there were signs of this market cooling.
But those with the least to spend, in the cheapest areas, may now be facing the sharpest rent rises.
“With more renters than there are homes to rent, people are seeking out the best value for money,” said Richard Donnell, executive director of research at Zoopla.
“Within cities, rents are typically rising faster at the lower end of the market.”
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