While the cost of renting has been rising for years, there are signs that is changing in some parts of the country. New data from Zoopla shows that rents actually fell in six major cities in the first three months of this year.

Where did rents drop?

• Nottingham: Down 1.4%
• Brighton: Down 1.1%
• York: Down 0.4%
• Glasgow: Down 0.4%
• Cambridge: Down 0.3%
• London: Down 0.3%

These falls are modest, and the overall picture is still pretty grim for renters. Across the UK, rents are still up 6.6% in the last year. That’s the lowest rate of increase in two and a half years, but it’s still higher than the average growth in wages.

What’s driving this?

Zoopla says the slowdown is due to a drop in demand for rental properties. Fewer people are looking for homes to rent, but there are still more than double the number of people looking for each available property compared to pre-pandemic levels.

Where are rents still soaring?

While some cities are seeing reductions, rents are still rising in every region of the UK.

• The North East saw the biggest jump in rents, up a whopping 9.5%, though it is still the area with the most affordable rents in the country (just £704 a month on average).
• Scotland followed closely, with rents up 9.3%.
• London, despite the recent dip, still has the highest average rents in the country at a whopping £2,122 a month.

What’s the long-term outlook?

Experts say that the lack of new housing being built is keeping rents high. Zoopla’s Richard Donnell calls for more homes to be built, saying it’s “the fastest route to easing the pressure on renters.”

While there’s a slight shift in the rental market, it is not widespread yet. The cost of living crisis is making it tough for renters, and the government needs to step in with more affordable housing options if we want to see real change.