The latest figures from HomeLet show that rents only went up by a tiny 0.2% between April and May. That’s the smallest rise in over a year, with some regions even seeing rent decreases.

The North East saw the biggest drop in rents (-1.6%), followed by the South West (-1.4%), London (-1.3%), and Yorkshire and Humberside (-0.5%).

Despite this slight slowdown, rental experts warn that it’s still a tough time for renters. The overall average rent across the UK is now a whopping £1,297 per month – the highest it’s ever been! This means it’s getting harder and harder for people to find a decent place to live without facing a huge financial strain.

Demand Still Sky-High

Experts say the rental market is still “out of control” with way more people looking for homes than there are available. This is causing rents to stay high and making it difficult for people to find a place, let alone a good one.

Is The Government Helping?

HomeLet’s CEO, Andy Halstead, is not impressed with the government’s efforts to help renters. He says, “The politicians focus on attempting to win votes with blatant untruths. This government has not supported our sector and I suspect the next government will be equally unhelpful.”

What’s Next for Rents?

It’s still too early to say whether these small rent drops are the start of a trend. With a General Election coming up, it’s unclear whether the next government will offer any support to renters. For now, it’s still a tough market and many renters are facing the reality of unaffordable rents.