Greycoat Real Estate Sees Unusual Trends in the Rental Market in February 2024

Greycoat Real Estate is an independent real estate company with deep experience in central London. According to their observations, the past month has been relatively unusual in the rental market. 

Typically, after the Christmas season, rental prices tend to sag. However, this year’s report indicates that rents have been steadily increasing since the beginning of 2024. Average rents increased by 1% in February, bringing rents up 7% overall from last February. And this is a fact that real estate agents from Greycoat are pretty well aware of.

The region with the largest increase in rent prices was Southwest at 11.3% higher than February 2023, while the region with the lowest increase was West Midlands at 4.5% higher than February 2023. According to Greycoat, this corresponds with the decrease in void periods, which is the period that a rental property is vacant between tenants. 

Void periods this February dropped to an average of 18 days, compared to an average of 22 days in January, Greycoat adds. The only region that didn’t see a drop in void periods was Southwest, which remained at 20 days. The region with the biggest drop was North East, dropping from an average of 24 days to 17 days between January and February.

According to the reliable Greycoat Real Estate Agency, this atypical February is illustrative of a larger trend of low stock and strong demand in the rental market. It’s still up in the air whether rent prices will continue to rise throughout the year or if the rental market will cool down after this unusual period. 

  Greycoat Real Estate is an independent real estate company with deep experience in central London. According to their observations, the past month has been relatively unusual in the rental market.    Typically, after the Christmas season, rental prices tend to sag. However, this year’s report indicates that rents have been steadily increasing since the…