The number of properties available to rent in London has fallen by 42%, according to estate agency Chestertons.
The estate agency compared data from July 2021 to July 2020, revealing a 19% increase in the demand for rental properties across the capital.
As supply and demand are becoming more balanced, landlords are already less likely to negotiate rents, with Chestertons confirming a 63% decline in the number of rent reductions in July compared to July 2020.
Some of London’s areas that have already seen rent increases since this time last year include Hyde Park up 31%, St. John’s Wood 27% and Fulham 21%.
Comparing July this year to 2020, Chestertons found that 22% fewer tenants pulled out of their planned rental agreement.
Equally, tenants moving into their new home was up by 16% during the same time period.
Richard Davies, head of lettings at Chestertons, said: “Whilst there were deals to be had during the height of the pandemic and the first quarter of this year, tenants are now entering a much more competitive market.
“Since the easing of lockdown restrictions, we have been witnessing an evident surge in tenant enquiries across London.
“This has resulted in the number of available properties dropping to pre-pandemic levels, which will inevitably lead to an increase in rents.
“Tenants who are eager to still find more property for their money, may wish to consider the locations of Canary Wharf, Kentish Town, Bermondsey and Pimlico where rents are still comparably low.”